The Celebrity City Hotel (China) Company Limited will move its China headquarters from Hong Kong to Chengdu.
Wang Ling, general manager of Celebrity City Hotel (China) Company Limited announced the latest decision of the company is that it will increase its total investment to US$100 million on top of its current investment of US$5 million. At present, the company has about ten star-grade chain hotels in eight cities around China. Of these one hotel, in Luomashi District, Chengdu has operated for about two years, and another new five-star standard hotel, located at the Shanxi Street, is scheduled to open this year.
Wang said that after the earthquake hit Sichuan province, both its hospitality and tourism industry have been affected to a relatively high degree; but in general, it is not likely that it would change the essence of Chengdu's economic development. The company still sees Chengdu as a high potential market. At present, its application to increase investment has been submitted to the Sichuan Provincial Department of Commerce. After obtaining approval, the company plans to headquarter in Chengdu and focus on the markets of provincial capital cities and second-tier coastal cities. It will fulfill its strategic aim of high-end hotel chains expansion by cooperating with China Railway Erju Co. Ltd. and Merrill Lynch.
According to the company's five-year plan, it plans to reach a total of 20 chain hotels between 2008 and 2010; to be listed abroad around 2009; to exceed 50 outlets over next five years.
The Celebrity City Hotel (China) Company Limited is reportedly a foreign-owned enterprise focusing on operation and management of high-end hotel chains.
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