3 January 2001: Accor, the world's largest hotel and tourism company, is to
become a joint-partner in Zenith (formerly KYZ) Hotels International, one of
China's most experienced and successful hotel management companies,
following the announcement today of a joint-venture agreement between the
two companies.
Zenith currently operates nine hotels (3448 rooms), including eight in
China, and has a further four hotels (1318 rooms) under development.
All Zenith's hotels are of 4 or 5-star standard and are located in China's
key centres, including Beijing, Hangzhou and Shenzhen. Zenith also operates
a hotel in Bangkok, and as part of its expansion programme, will add three
new hotels in China (Chongqing, Guangzhou and Hefei).
KYZ was formed in 1991 by former Holiday Inn executives Rudi Koppen, Ernst
Zimmermann, Francis Yan and See Foon Chan-Koppen. All had over 15 years
experience with Holiday Inn and were instrumental in the group's rapid
expansion in China. Development of key relationships with the public and
private sector in China was the foundation for the group's success in the
country, and the company worked closely with their Chinese partners to bring
to fruition new projects in both well-established and emerging destinations.
Accor has also enjoyed considerable success in expanding its presence in
China, with a current portfolio of nine Sofitel and Novotel hotels in major
cities such as Beijing and Shanghai, as well as in some of the fastest
growing regional centres such as Jinan and Zhengzhou.
Commenting on the agreement, Accor's Jochen Dobel, Deputy Chairman Asia
Pacific, said that the deal was a result of the two companies' natural
synergies and the opportunities presented by the co-operation agreement.
Zenith's executive team contains some of the most experienced 'China hands'
in the business, said Dobel. As most companies find, getting established
in China requires considerable expertise, and that only comes with
experience and the building of strong relationships with local partners. The
team at Zenith has pioneered the development of the international hotel
sector in China, and we believe that our two companies will add value
combining Zenith's China expertise with Accor's global and Asia experience,
enabling us to extend our network at an even faster rate.
Accor believes China has enormous growth potential in its tourism and
hospitality sector. The country's economy continues to flourish, attracting
increasing levels of corporate travel, and tourism is also growing rapidly,
attracting significant increases from Asia, Europe and Australia - all
destinations where Accor has a major presence.
Ernst Zimmermann, Chief Executive Officer of Zenith Hotels, welcomed the
partnership with Accor: Zenith sees the partnership with Accor as taking
our involvement in China and Asia to the next level. The hotel sector is
increasingly global in its operation and outlook, and Accor - as a global
leader in hotels and tourism - will add this dimension to the partnership.
Possibilities for further co-operation between Accor and Zenith hotels will
be evaluated within the coming three months.
It will enable both parties to take advantage of our combined experience
and skills, while offering new potential owners access to the most dynamic
partnership in China.
China is a fast changing market and it is essential for international
operators to maintain close relationships with local partners. In many
cases, we have worked with owners and developers for some twenty years,
building trust and close understanding, and with Accor now on board, we
believe we can add additional local partners to further develop the group's
network.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Accor with 130,000 associates in 140 countries, is the European leader and
one of the world's largest groups in travel, tourism and services with two
major international activities:
* hotels: 3,500 hotels (385,000 rooms) in 90 countries (including 180
in Asia Pacific under brands such as Sofitel, Novotel, Mercure and Ibis),
and travel agencies, restaurants and casinos;
* services: each day, over 11 million people in 30 countries use a
broad range of services (cards, vouchers and online services) developed,
issued and managed by Accor on behalf of corporate clients and public
authorities.
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