As Hotel Firms Keep Focus on International Scene, Pair of Ramadas Planned for China
- Apr 08, 2009
Despite the economy, the international hospitality sector continues to move forward, with Ramada Worldwide the latest to expand on the international scene. The firm has unveiled plans for two new hotels in China. While projects across the globe suffer as a result of the troubling economy, international hotel developers remain hopeful about the future. The Ramada announcement comes just days after Intercontinental Hotels Group revealed its plans to develop 31 hotels in IndiaCurrently under development on Hainan Island just off the south coast of mainland China, the 1,000-room, 24-story Ramada Hotel & Suites Boao is expected to open in December 2010. The all-new construction hotel is being developed by Hainan Baolian City Co., a subsidiary of the Shanghai Baolian Real Estate Co.., which is also developing the 337-room Shanghai Wyndham Baolian. The hotel will offer three full-service restaurants, a lobby bar, 1,150 square meters of meeting space, a swimming pool, gym and other recreational facilities.Owned and operated by Huangshan Xinhui Investment Co., the newly constructed eight-story 548-room Ramada Huangshan is the Ramada brand’s first hotel in the Anhui province. The property will feature a full-service restaurant, meeting and conference facilities accommodating up to 600 guests and a fitness center.While the Chinese economy has not escaped the ramifications of the global economic chaos of late, the country is still getting plenty of attention these days across most sectors. In March CPN reported that following the sale of its China operations to GIC Real Estate earlier this year, Global Logistic Properties planned to invest $300 million to $500 million annually in China in the next few years. The firm recently gave a vote of confidence to China, when it took on a more than 50 percent interest in the 676,000 square meters of industrial portfolio totaling RMB 1.5 billion from Genway Group, a real estate developer in Jiangsu Province.While growth isn’t what it used to be in China, the country’s economy and real estate market are still moving forward, especially in comparison to much of the rest of the world. Last month CPN reported a spate of retailers expanding in China, with APL Diamond –a major Russian exporter of diamonds–opening a retail office to sell diamonds in Beijing. Additionally, New York-based fashion house Coach Inc. in March completed its acquisition of the Coach-branded retail businesses in China formerly held by Hong Kong-based distributor ImagineX Group.And earlier this year CPN reported that Shanghai Tower Construction & Development Co. broke ground on China’s tallest building, Shanghai Tower. At 2,074 feet high, the Class A office, retail and hotel building is slated for completion in 2014.And international growth has not been limited to China. In addition to its plans to build more hotels in India, IHG also plans to expand in Russia, where it has planned the world’s biggest and the firm’s eighth Holiday Inn in Moscow, as well as a 17-story, 192-room InterContinental Hotel in Edinburgh, Scotland. Moreover, Starwood Hotels & Resorts Worldwide Inc. plans to open a new St. Regis Kanai, Resort & Residences in Kanai, Mexico.