China's Shimao, Starwood Capital unveil hotel venture

By PAUL WELITZKIN in New York | | Updated: 2017-03-29 23:42

Chinese property developer Shimao Property Holdings Ltd and US real-estate investment firm Starwood Capital Group on Wednesday unveiled a joint venture to develop, manage and brand hotel properties in China.

Shimao will own a 51 percent stake in the joint venture; Starwood will control 49 percent.

Starwood Capital will also provide financial and operational support for Shimao Hotels and Resorts' future hotel expansion plans in China and other key Asia-Pacific regions, , according to a press release.

"The close cooperation with Starwood Capital Group will help our growing hospitality platform and exciting new brands take advantage of the tremendous opportunities that exist in China, allowing the group to fulfill its potential," said Tyrone Tang, general manager of Shimao Hotels and Resorts, a subsidiary of Shimao Property Holdings, in a statement.

"As a longtime innovator in the hospitality industry, we are excited to embark upon this joint venture with Shimao," Kevin Colket, managing director and head of hotels for Asia at Starwood Capital Group said in a statement.

Shimao was founded in 2001 by Chinese entrepreneur Hui Wing Mau and was listed on Hong Kong's stock exchange in 2006. It consists of property and hotel units.

Starwood manages more than $51 billion of assets with a core focus on global real estate, energy infrastructure and oil and gas. It has invested in approximately 2,900 hotels since its inception. The firm is perhaps best known for creating and building Starwood Hotels & Resorts into the largest hotel company in the world before exiting its stake in the company.

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