22 August 2012

Richfield Hospitality forms JV to operate hotels in China

Denver, Colo. – 22 August 2012 - Officials of Richfield Hospitality, a leading hotel management company, today announced that it has formed Richfield Hospitality China, a joint venture with a Shanghai China-based ownership group to operate hotels in China. The new company has signed agreements to manage two extended stay hotels and has six additional contracts in the final approval stages. 

By expanding globally as well as domestically, Richfield remains on track to reach its previously-announced objective of 60 managed hotels by December, 2015. The company’s portfolio now stands at 29 hotels. 

China’s expanding middle class has created incredible opportunity for experienced hotel operators,” said Greg Mount, president, Richfield Hospitality. “I am confident that local ownership coupled with our operational expertise will enable us to offer hotel owners a compelling management alternative. 

“As we develop a presence in China, we actively will seek out additional hotels that can benefit from our experience and the state-of-the-art technology that our sister company, Sceptre Hospitality Resources, can provide,” Mount added. 

In addition to the company’s international expansion, Richfield also added four hotels in Louisiana to its portfolio, representing a total of 289 rooms in the New Orleans/Baton Rouge markets. 

Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion. 

Source: Richfield Hospitality