SHANGHAI, CHINA (June 19, 2019) – Following the pioneering joint venture announcement in February, Hyatt and BTG Homeinns Hotels Group continue to make great strides with the unveiling of a new hospitality brand on Wednesday, June 19. Leveraging the respective strengths and resources of Hyatt and Homeinns, the UrCove brand is positioned to compete in the currently underserved upper-midscale segment. UrCove is an entirely homegrown hotel brand, built specifically to meet Chinese travelers’ preferences and growing expectations for a seamless, comfortable and premium travel experience in the upper-midscale market.
Announced at the China Hotels and Tourism (CHAT) conference today, UrCove, pronounced as “your cove”, is a metaphorical reference to having a safe harbor for a boat while on a journey at sea. The Chinese name Yifei (逸扉) also takes on the same concept of providing comfort, assurance and an overall feeling of being at home for travelers. The logo design of the UrCove brand uses a streamlined approach—the elegant C-shaped symbol references a bay as well as waves of the vast sea. The arching details within it echo UrCove hotels being the reliable shelter, as the brand aims to provide a cozy sanctuary for travelers to recharge with excellent quality and care backed by Hyatt.
“As we commemorate our 50th year in Asia Pacific and Greater China region, we are committed to maximizing our core business to drive purposeful growth and cater to the high end travelers of every segment we serve,” said Stephen Ho, president of Greater China, global operations, Hyatt. “Given China’s growing economic importance and the phenomenal growth of its middle-class segment, the UrCove brand strengthens our representation in the underserved upper-midscale segment, and we believe that this locally developed brand will advance our commitment to this important market.”
Data released by the Ministry of Culture and Tourism of The People's Republic of China showed that domestic tourism revenue increased by 13% in 2018, bringing in a solid revenue of CNY 5.05 trillion. The growing middle-class population and a government policy to boost domestic consumption continues to ensure long-term growth for the travel and hospitality market.
“We are one step closer to fulfilling our commitment to elevate the business travel experience of the growing upper-midscale segment,” said David Sun, general manager of BTG Homeinns Hotels Group, chairman & chief executive officer of Homeinns Hotel Group. “The UrCove brand is designed to better serve local consumers. By combining our extensive knowledge and vast network of the local market with Hyatt’s experience in premium care and hospitality, we are on track towards setting a new benchmark for hospitality in China.”
UrCove hotels will cater to the ‘Road Warriors’ – a term used to identify an extension within the upper-midscale segment of frequent business travelers. These highly mobile travelers often seek out efficiency and comfort but are limited in opportunities to get the best out of their travel experience. With its population expected to reach 440 million by 2020 and continuously rising income levels, China’s middle class is greatly underserved when traveling for work.
Located in highly accessible locations in gateway cities where travelers can get the best business and leisure experiences, UrCove hotels will adopt best-in-class design. Functional business space and practical amenities will allow travelers to manage work tasks while exploring their host city with ease. Leveraging Hyatt’s highly renowned food and beverage excellence, UrCove hotels will also provide delicious food including a nutritious breakfast with lavish choices to ensure a whole day’s energy for work, as well as group or business dinner options. The first two UrCove hotels are expected to open in Shanghai and Beijing by late 2020.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 19 premier brands. As of March 31, 2019, the Company's portfolio included more than 850 properties in over 60 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top colleagues, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Hyatt House®, Hyatt Place®, Joie de Vivre®, tommie™, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.
About BTG Homeinns Hotels Group
BTG Homeinns Hotels Group, with an official name of BTG Hotels (Group) Co., Ltd on the stock exchange market, is a well-known hotel group in China which is committed to leading the public travel accommodation through professional and passionate work to satisfy the diverse personal needs of guests. BTG Homeinns Hotels Group consists of nearly 20 brand series and nearly 40 products with accommodation as its core. As of the end of Sept. 2018, BTG Homeinns Hotels (Group) Co., Ltd. operates about 3,900 hotels in more than 400 cities across the country, covering full range of hotel businesses, including Upscale Business Chain Hotels, Midscale & Upper Midscale Chain Hotels, Economy Chain Hotels, Hotels & Resorts, Long-stay Apartments and Hotel Alliance.
About Homeinns Hotel Group
Homeinns Hotel Group operates one of the China’s largest and fastest growing economy hotel chains. It was a formerly NASDAQ listed company and now is a subsidiary of BTG Homeinns Hotels Group. It is developed from a company of merely 22 hotels to a hotel giant with more than 3,000 hotels. In April 2016, Homeinns Hotel Group merged with BTG Hotels Group and became a subsidiary of newly founded BTG Homeinns Hotels Group.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable when made, are inherently uncertain, and are subject to numerous assumptions and uncertainties, many of which are outside of BTG Homeinns Hotels Group’s or Hyatt’s control, which could cause actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Forward-looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold, except to the extent required by applicable law. If one or more forward-looking statements is updated, no inference should be drawn that any additional updates will be made with respect to those or other forward-looking statements.
Hyatt – Greater China
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BTG Homeinns Hotels Group
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