Ascott and Jin Jiang Form China-Focused Joint Venture
Skift Take
Ascott and Jin Jiang Hotels have formed a joint venture to expand their apartment hotel brands in China, aiming to grow Quest and Tulip LODJ across upscale and midscale segments.
The China business segment of Ascott has entered into a joint venture with Jin Jiang Hotels to expand their respective apartment hotel brands in China. Ascott China will hold a 50% interest in the joint venture, with Jin Jiang Hotels (China) to hold the balance. Ascott, the lodging business unit of CapitaLand Investment, said the tie-up will boost the growth of its Quest brand and Jin Jiang’s Tulip LODJ to meet China’s demand for apartment hotels in the upscale and upper midscale segments. The JV company will manage about 600 units spread across two operating properties in Wuhan and one pipeline asset in Shenzhen franchised under Tulip LODJ. Ascott said plans are underway to broaden the footprint of Tulip LODJ and launch Quest in China by providing opportunities for franchised partnerships. Ascott also believes this will accelerate their asset-light expansion in China by leveraging Jin Jiang’s franchise-ready infrastructure.
CapitaLand Ascott Trust has entered into
