Main Photo: The bedroom at citizenM
Date: February 2019
Location: Hongqiao’s business district, Shanghai, China
Name: citizenM Shanghai Hongqiao
No. of Keys: 303
Seller: The property occupies 7 floors in a newly constructed building in Hongqiao’s business district. KRC Capital are a major backer of citizenM.
Their first hotel in Taipei in 2016 was made with the joint venture operating company set up with Artyzen Hospitality Group, the hotel management subsidiary of Shun Tak Holdings, and heralded the planned expansion of the brand throughout Asia.
Buyer: Dutch based citizenM group. This will be their 30th property (7,000 rooms), including 15 odd under development, and marks its debut in China. While one property had already opened in Asia recently – citizenM Taipei North Gate (267 rooms) – others are planned in the rest of the continent such as citizenM Kuala Lumpur (198 rooms).
Robin Chadha, CMO at citizenM said last year: “In a saturated travel industry, citizenM offers something unique. citizenM has acted either as owner-operator or as operator of hotels owned by third-party investors. Since the first hotel in Amsterdam (2008), growth has been at a comfortable rate of one property per year.” Growth is gaining speed…
THPT Comment: Rattan Chadha and Michael Levie have done fab with this truly different hotel group since it’s inception in 2008. Some good bare-faced cheek!
First Seen: Hospitality-On.com
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