Ascott China, a unit of CapitaLand Investment's (SGX:9CI) lodging business unit Ascott Limited, entered into a 50-50 joint venture with Jin Jiang Hotels for an asset-light expansion of their apartment hotel brands in China, according to a filing with the Singapore Exchange on Wednesday.
The deal involves Ascott's Quest and Jin Jiang's Tulip LODJ with both brands looking to tap into the country's underserved need for apartment hotels.
The joint venture company will manage two operating properties in Wuhan and one pipeline property under Tulip LODJ.
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