News
Marriott JVs With Chinese Firm To Open 100 Mid-Tier Hotels
Marriott International is JV'ing with Chinese firm Eastern Crown Hotels to open at least 100 of its mid-tier Fairfield brand hotels in China, a move designed to attract middle-class customers, the hotel giant says.
The deal—which will roll out over five years—also gives Chinese billionaires a chance to boost their portfolios by investing in Marriott. And Marriott gets to leverage Eastern Crown's expertise in the Chinese market, the Wall Street Journal reports.
While China's slowdown has investors on the run, the strong January performance of Marriott's other Chinese hotels convinced the chain to stay in China "for the long-term." [WSJ]
