Shanghai Jin Jiang International Hotel Group Co. Ltd. plans to expand its presence in tertiary markets across China by adding more budget properties in rural areas.
Jin Jiang operates about 600 budget hotels across the country, with the goal of reaching 1,000 budget properties by 2015, CEO Yang Weimin tells Business China.
In addition to targeting lower-tier cities, Jin Jiang will also seek acquisition projects in the Europe and the United States, Weimin says. Jin Jiang believes the growing number of outbound Chinese tourists makes those destinations attractive plays for the well-known domestic brand.
As of year-end 2010, Jin Jiang owned or operated 111 star-rated hotels with about 34,000 guestrooms, and its portfolio of budget hotels was 596 with 73,350 guestrooms. It is China’s largest hotel company and ranks 13th globally, according to the most recent HOTELS’ 325 listing of the world’s largest hotel operators and franchisors.