At this week's China Hotels & Tourism conclave being held in Shanghai, Chicago-based Hyatt and BTG Homeinns Hotels Group revealed that their new homegrown, joint-venture brand, which is being developed specifically to meet Chinese business-traveler demand, will be known as UrCove.
Pronounced "Your Cove," a metaphorical reference to having a safe harbor for a boat while on a journey at sea, UrCove will be positioned as a premium travel experience in the upper-midscale market and will target Chinese business travelers, whom the partners have identified as highly mobile with rising per-capita income.
"As we commemorate our 50th year in Asia Pacific and the Greater China region, we are committed to maximizing our core business to drive purposeful growth and cater to the high-end travelers of every segment we serve," said Stephen Ho, president of greater China, global operations, for Hyatt. "Given China's growing economic importance and the phenomenal growth of its middle-class segment, the UrCove brand strengthens our representation in the underserved upper-midscale segment, and we believe that this locally developed brand will advance our commitment to this important market."
Data released by the Ministry of Culture and Tourism of the People's Republic of China showed that domestic tourism revenue increased by 13 percent in 2018. The growing middle-class population and a government policy to boost domestic consumption continues to ensure long-term growth for the travel and hospitality market.
"We are one step closer to fulfilling our commitment to elevate the business-travel experience of the growing upper-midscale segment," said David Sun, general manager of BTG Homeinns Hotels Group, and chairman and CEO of Homeinns Hotel Group. "The UrCove brand is designed to better serve local consumers. By combining our extensive knowledge and vast network of the local market with Hyatt's experience in premium care and hospitality, we are on track toward setting a new benchmark for hospitality in China."
UrCove hotels will be in highly accessible gateway cities and will feature functional business space and practical amenities that will allow travelers to manage work tasks while exploring the destination. The first two UrCove hotels are slated to open in Shanghai and Beijing by late 2020.