Hilton Hotels Corporation, RREEF and private equity firm H&Q Asia Pacific today announced an alliance to develop serviced hotels across China
The trio signed a Letter of Understanding this week for RREEF, real estate investment management arm of Deutsche Bank, and H&QAP to form a partnership to acquire, develop and convert sites for around 5,000 new rooms under Hilton’s serviced hotel brand - Hilton Garden Inn.
Hilton Hotels Corporation involvement is to provide expertise in site selection, development, training, operations support, brand management and marketing.
The plan is to develop an initial 20 hotels and locations being considered for the hotels include Shanghai, Beijing, Tianjin and key urban centres within the Yangtze River Delta and Bohai Bay regions.
RREEF entered China’s real estate market last month via its investment in a mid-market, residential project in Zhuhai, southern China.