Cachet Hotel Group to Launch New Midscale Lifestyle Brand in China, SAVANT
Cachet Hotel Group has announced a partnership with Qingdao Izunco Inn Investment Company to launch a new midscale lifestyle brand, SAVANT Hotel by Cachet.
The exclusive development agreement with Izunco will see the new brand launch in mainland China's Shandong Province.
Cachet said the brand will combine comfortability, style, affordability and tech savviness.
SAVANT Hote by Cachet will also be carbon neutral, with the rooms being constructed in such a way as to cut the necessary construction and labor resources in half.
The brand's prototype property will boast 105 guestrooms and a handful of unique features, which include a streamlined booking and payment process, an interactive food and beverage tasting space know as the Scholar Bar, a spacious lobby and a workout studio, among others.
In a statement, the president and CEO of the Hong Kong-based Cachet Hotel Group, Alexander Mirza said "we are witnessing a fundamental shift in Chinese real estate as developers are looking to build boutique and midscale hotels that can address the growing demand for a higher quality of domestic tourism."
He added that "a growing number of discerning but cost-conscious business and government travelers will provide a steady stream of consumers for midscale lifestyle hotels focused on tier 2 and tier 3 cities across China."
Tier 2 cities are generally more developed cities with cultural and economic influence, while tier 3 cities typically refer to lesser-known cities with notable economic development.
"The emerging midscale lifestyle segment is poised to capture spending from the burgeoning middle class who are looking for modern design and at an affordable price," Mirza concluded.
Chairman of the board of Qingdao Izunco Inn Investment Management Company Limited, Zhang Yuyong said the "goal is to open no less than twenty SAVANT Hotels in the next three years in the Shandong province."
Looking further ahead, Cachet said it plans to expand the new brand to a portfolio of 200 managed and franchised hotels across China's Tier 1, Tier 2 and Tier 3 cities.
Cachet's announcement comes less than one month after Marriott International revealed plans to rapidly expand the Fairfield by Marriott brand in mainland China.
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