Feb.29.2016
Shanghai-based Cachet Hotel Group (CHG) is partnering with Qingdao Izunco Inn Investment Company (Izunco), a China-based hotel real estate and management company, to launch SAVANT Hotel by Cachet, a midscale lifestyle brand, in Mainland China.
CHG plans to grow SAVANT to a portfolio of 200 managed and franchised hotels across China’s tier-1, tier-2 and tier-3 cities.
“We are witnessing a fundamental shift in Chinese real estate as developers are looking to build boutique and midscale hotels that can address the growing demand for a higher quality of domestic tourism. In addition, a growing number of discerning but cost-conscious business and government travelers will provide a steady stream of consumers for midscale lifestyle hotels focused on tier-2 and tier-3 cities across China,” said Alexander Mirza, President and CEO of CHG. “The emerging midscale lifestyle segment is poised to capture spending from the burgeoning middle class who are looking for modern design and at an affordable price.”
Cachet Hotel Group Announces its Partnership with Qingdao Izunco Inn Investment Company to Launch SAVANT HOTEL… https://t.co/4r99ga0Rql
— PR Newswire Hotels (@PRNHotels) February 29, 2016
The targeted midscale segment is a growing segment in China with a reported US$36.3 billion total room revenues in 2015.
Cachet promises SAVANT will be carbon neutral. Rooms will be prefabricated, with modules assembled off-site and delivered complete with carpeting, lighting and even showers, reducing construction and labor resources by over 50 percent.
The prototype hotel will have gross floor area of 4,110 square meters featuring 105 guestrooms at an average fit-out cost per key of RMB 80,000 including the furniture and fixtures. Features will include an interactive Scholar Bar, a first-floor lobby called The Habitat, a gym called Cardio Zone and green roofs where solar panels and plants will provide energy and fuel efficiencies for the hotel.
“We are excited to partner with CHG who is dedicated to superior design and guest experience,” said Zhang Yuyong, Chairman of the board of Qingdao Izunco Inn Investment Management Company Limited. “Our goal is to open no less than twenty SAVANT Hotels in the next three years in the Shandong province. By combining our deep knowledge of the region and Cachet’s experienced international management team, we are confident in building SAVANT into a leading brand in the Chinese mid-scale segment.”