New World to expand Pentahotel brand in Asia
New World Hospitality has announced a US$160 million plan to expand the number of hotels under its Pentahotels brand to 30 in the next five years. The expansion will focus on the mainland and cities elsewhere in Asia, said chief executive Sonia Cheng.
She said New World Group would own 30 per cent of the hotels and other developers the rest.
Pentahotels, a brand launched in Europe, now has two hotels in Asia - in Shanghai and Beijing.
The company will open a hotel in Guiyang next year with 197 rooms, and one in Shenyang with 390 rooms in 2014.
Cheng said the other new hotels would be in urban centres, convention and exhibition complexes, airports and railway stations.
'Pentahotels brings a new concept to China and Asia. We see tremendous potential,' Cheng said. The hotel's target customers, she said, were 25 to 35 years old and willing to pay 400 yuan (HK$490) to 500 yuan a night to stay in a new-concept hotel. Half the guests are expected to be mainland tourists.
Cheng said the initial response to the brand was not bad, with an average occupancy rate of 80 per cent in the Shanghai and Beijing hotels.
'We have a multipurpose lounge, not a lobby, designed as a lively bistro-style gathering place for meeting friends, and as an extension of the hotel's guest rooms,' she said.
By 2020, the company hopes to expand the brand to 80 hotels worldwide.
As well as Pentahotels, New World operates New World Hotels in China and Southeast Asia and Rosewood Hotels and Resorts in North America.
The company acquired the latter last year for US$229.5 million.
New World Hospitality currently manages a total of 28 hotels under the three brands.