Dalian Wanda aims to build a hotel that attracts Chinese and foreigners in a market currently dominated by Western brands; however, opportune timing could turn the brand into a beacon for Chinese travelers abroad.
As Chinese real estate conglomerate Dalian Wanda confirmed its acquisition of Sunseeker Yachts yesterday, it also provided more details about its soon-to-be constructed luxury hotel in London, as well as its plans to construct a global chain of five-star lodging locations aimed at both Chinese and other international travelers.
For Wanda to build one abroad is a journey into uncharted territory…In addition to serving as a marker of Chinese companies moving up the value chain…it also demonstrates an inclination to eschew its reliance on foreign brand names that have been so important to past acquisitions and partnerships.
It remains to be seen whether or not his hotels will stack up against fierce foreign competition in being able to woo both Chinese and other international travelers.
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Photo credit: Wang Jianlin, chairman of Dalian Wanda Group, poses for a photo during an interview at his office in the company's headquarters in Beijing December 3, 2012. Suzie Wong / Reuters