Regal Hotels International Holdings, controlled by Lo Yuk-sui, plans to own up to 20 hotels on the mainland in five years and manage up to 40 hotels through its subsidiary.
The firm, which operates the Regal Oriental, Regal Riverside, Regal Airport, Regal Hongkong and Regal Kowloon hotels, is actively looking to buy mainland hotels and build some of its own, according to Mr Lo.
The company had enough resources to finance the projects in gateway and second-tier cities, which could cost 'a few billion dollars', said Mr Lo at the sidelines of a meeting with shareholders.
He said the Regal Real Estate Investment Trust, which listed in Hong Kong in March, would seek to manage up to 40 mainland hotels, some of which are not owned by Regal.
Executive director Poman Lo, Mr Lo's daughter, said the company would announce some mainland deals 'soon' but declined to give details.
The expansion plan was unveiled yesterday after the company forecast its revenue and profit would grow between 10 per cent and 20 per cent for the first six months of this year.