China’s Dalian Wanda Group is accelerating the expansion of its luxury hotel business, with plans to become the world’s largest five-star hotel owner in 2015.
The company’s hospitality subsidiary, Wanda Hotels & Resorts, will build new hotels in 100 key Chinese cities and tourism destinations next year. And by the end of 2018, the company plans to own more than 150 luxury hotels in China, Europe, the US and Australia.
Wanda Hotels & Resorts was founded in 2012 and now owns and manages hotels under three names: Wanda Realm, Wanda Vista and Wanda Reign.
By the end of 2014, the company will own 71 luxury hotels in China.