Utour is making a strategic investment in an overseas hotel to build a comprehensive chain of business and enhance its ability to tap into resources in short supply.
Utour has formed a formidable partnership with Ming Yu Group Limited and two other partners to invest in developing four-star hotel in France. The Paris Mingyu Liya Hotel will be managed and operated by Chinese parties.
The strategic investment plan will help speed up the development of Utour’s destination lifestyle service platform and increase the company’s profitability. It will also facilitate Utour’s progression to becoming an all-round outbound integrated service platform.
The hotel is located in Porte de Bagnolet, at the junction of district 20 and 93 in Paris and the strategic area between Paris city center, Charles de Gaulle Airport and the Orly Airport. It is only 350m from the Paris terminal for Europe’s biggest bus company and is adjacent to local government offices and major supermarkets. The good location will lead to higher than average occupancy in Paris and a high traffic flow.
The hotel will be refurbished according to the four-star standards of the Mingyu Liya brand. It will carry the Utour branding as well as more Chinese-language services to be more personable to Chinese tourists and business travelers.
Utour’s strategic investment is expected to give its European tour products a distinctive advantage and helps to convert the advantage to earnings, enabling Utour to improve its European destination lifestyle platform to provide Chinese visitors a comprehensive range of lifestyle services. The investment is also expected to add another dimension to the overseas experience of Chinese investments and promote trade relations between France and China.
“Paris, as a major tourism city in the world, faces the issues of tight hotel supply and high room rates,” said Utour’s vice president Jian Cao. “We have to have a strategic access to such resources in short supply, and to ensure stable supply of such resources of great value for ourselves.”(Translation by Shuk)
