On October 16, Hyatt Hotels Group officially announced the establishment of a joint venture with China Resources Land Co., Ltd. and signed a strategic cooperation agreement to further expand the Hyatt brand in the Chinese market. According to preliminary plans, Runkai Holdings Co., Ltd., a joint venture formed by the two parties, will develop and manage six existing Kapok brand hotels in Beijing, Shenzhen, Chengdu, Hangzhou and Rizhao, as well as two new Kapok hotels in Shaoxing and Shanghai, which will all join the Hyatt Select or Hyatt Select brand series. In addition, Hyatt and China Resources Land also announced that they have reached a strategic cooperation agreement to bring in more Hyatt branded hotels and signed key projects including Park Hyatt Xi'an and Andaz Hotel in Dongguan.

On October 16, Hyatt Hotels Group officially announced the establishment of a joint venture with China Resources Land Co., Ltd. and signed a strategic cooperation agreement to further expand the Hyatt brand in the Chinese market. According to preliminary plans, Runkai Holdings Co., Ltd., a joint venture formed by the two parties, will develop and manage six existing Kapok brand hotels in Beijing, Shenzhen, Chengdu, Hangzhou and Rizhao, as well as two new Kapok hotels in Shaoxing and Shanghai, which will all join the Hyatt Select or Hyatt Select brand series. In addition, Hyatt and China Resources Land also announced that they have reached a strategic cooperation agreement to bring in more Hyatt branded hotels and signed key projects including Park Hyatt Xi'an and Andaz Hotel in Dongguan.