Huazhu and Sunac team up to ride tourism wave

Hotel management group Huazhu and major property developer Sunac founded a joint venture on Monday, aiming to open 100 high-end hotels across China over the next five years despite the pandemic.

The new company, Yongle Huazhu, will operate the upscale hotel brands of the two groups in China. They include the Steigenberger brand that Huazhu acquired from German luxury hotel group Deutsche Hospitality in 2019.

Huazhu will hold a 50 percent share of the joint-venture, while Sunac and its partner will hold the other half.