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August 15, 2011

New World Hospitality Reveals Expansion Plans

New World Hospitality Hotel Management, the hotel management arm of New World Development, is to invest $1.1bn in doubling its hotel portfolio over the next five years, according to the South China Morning Post. New World is seeking to buy hotel management companies that will hel

By cms admin

New World Hospitality Hotel Management, the hotel management arm of New World Development, is to invest $1.1bn in doubling its hotel portfolio over the next five years, according to the South China Morning Post.

New World is seeking to buy hotel management companies that will help it expand its footprint in Europe and in gateway cities on mainland China, according to New World Hospitality’s chief executive Sonia Cheng Chi-man.

In July this year, New World completed the $229.5m purchase of hotel management firm Rosewood Hotels & Resorts.

The hotel also plans to increase the number of hotels it manages from 29 to 40 over the next few years.

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