The world's most populous country remains a magnet for major hotel developers. Starwood Capital has amassed a war chest of $2 billion to develop more than 20 new properties in mainland China and Hong Kong under its Baccarat and 1 Hotel and Residences flags over the next five years, the South China Morning Post reports. That growth will occur through management agreements, equity investments and via joint ventures with domestic developers, the newspaper notes.
In a similar vein, Langham Hotels International has announced plans to invest more than $1 billion to open 15 new hotels in China by 2014, the HVS Asia Pacific Newsletter reports. Langham plans to use that money to opening of new hotels, refurbishing existing properties and acquire new ones.
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