BEIJING — China’s Dalian Wanda Group is accelerating its expansion into the luxury hotel business with plans to become the world’s largest 5-star hotel owner in 2015.
Wanda Hotels & Resorts Co Ltd, a wholly owned subsidiary of Dalian Wanda Group Corp Ltd, announced that it will build new hotels in 100 Chinese tourism destinations by 2015 to become the world’s largest 5-star hotel owner.
By the end of 2018, the company plans to own more than 150 luxury hotels in China, Europe, the United States and Australia.
Wanda Hotels & Resorts Co Ltd was founded in 2012 with the goal of becoming China’s pre-eminent global luxury hotel brand. It owns and manages hotels under three names: Wanda Realm, Wanda Vista, and Wanda Reign. By the end of 2014, the company will own 71 luxury hotels in China.
Dalian Wanda Commercial Properties, one of the Chinese mainland’s largest developers, is scheduled to list in Hong Kong this year.