Minor Hotels has signed memorandum of understanding with Funyard Hotels & Resorts with the aim of expanding its presence in China.
The announcement comes at a time when the growth of travel sector in the country is expected to accelerate following post-Covid-19 easing of movement restrictions for travellers.
Minor Hotels’ globe-spanning network of hotels and resorts with a wellness and cultural element at their core ensures that the group is well poised for development in the China market where the appetite for leisure travel has never been greater.
At the virtual signing ceremony, Dillip Rajakarier, chief executive of Minor Hotels, said: “China’s hospitality market is extremely competitive, but full of opportunities.
“We highly value this chance to partner with Funyard Hotels & Resorts to support each other’s global branding strategies.”
Commenting on the alignment of Minor’s and Funyard’s interests, he expressed confidence in the ability of both sides to “fully exploit our respective advantages and jointly explore new opportunities in industry development, capitalising on Funyard’s rich experience in China and Minor’s international expertise in the global hotel and resort segment”.
Funyard is a member of Country Garden Core Business Alliance.
Ji Hongjun, president of Funyard Hotels & Resorts, remarked: “The pandemic is further accelerating the process of the Chinese economy shifting toward the domestic market.
“This means new opportunities in domestic tourism and hospitality.
“We and Minor Hotels are both convinced that China’s resort market is full of potential.
“Funyard Hotels & Resorts has plenty of managerial experience and local resources in the domestic market, while Minor Hotels is an outstanding establishment in the global hotel and resort market.
“We look forward to working with Minor Hotels to tap into the Chinese resort market and bring new energy to Chinese and even global tourism.”