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August 26, 2012

Richfield establishes hotel management JV in China

Richfield Hospitality and a Shanghai China-based ownership group have forged a joint venture (JV) - Richfield Hospitality China - to operate hotels in China.

By admin-demo

Richfield Hospitality and a Shanghai China-based ownership group have forged a joint venture (JV) – Richfield Hospitality China – to operate hotels in China.

The partnership, which has agreed to manage two extended stay hotels, has six more contracts under final approval stages.

By expanding internationally as well as locally, Richfield remains in line with its target of managing 60 hotels by December 2015.

The company’s portfolio now comprises 29 hotels.

Richfield Hospitality president, Greg Mount, said the growing middle class segment in China is offering hotel operators an opportunity.

"I am confident that local ownership coupled with our operational expertise will enable us to offer hotel owners a compelling management alternative," Mount added.

"As we develop a presence in China, we actively will seek out additional hotels that can benefit from our experience and the state-of-the-art technology that our sister company, Sceptre Hospitality Resources, can provide."

Richfield has also expanded its Louisiana portfolio with four hotels, bringing the total number of rooms in the New Orleans/Baton Rouge markets to 289.

Denver-based Richfield Hospitality is part of City Developments, a real estate, hotel investment and technology conglomerate.

The hotel management company has entered into strategic alliances with hospitality partners to provide cost-effective solutions to clients.

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