Richfield Hospitality announced on Wednesday that it formed a joint venture to operate hotels in China.
Richfield Hospitality, Greenwood Village, Colorado, announced that if formed Richfield Hospitality China with a Shanghai-based company whose name Richfield declined to release. The new company has signed agreements to manage two extended stay hotels, including the already-opened Suisse Place Ligongdi Suzhou.
Richfield said it plans to work with the Suisse Place brand as well as others and that the joint venture will operate hotels under third-party management, lease and own-operate arrangements.
“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.