Cachet Hotel Group (CHG) has signed an agreement with Qingdao Izunco Inn Investment Company to launch SAVANT Hotel by Cachet, a midscale lifestyle brand in Mainland China.
SAVANT Hotel by Cachet marks a significant milestone in CHG's expansion across China and promises to complement a geographically diversified portfolio by entering new markets in the world's second largest economy.
Alexander Mirza, president and CEO of Cachet Hotel Group, said 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.
"Our goal is to open no less than twenty SAVANT Hotels in the next three years in the Shandong province. By combining our deep knowledge of the region and Cachet's experienced international management team, we are confident in building SAVANT into a leading brand in the Chinese mid-scale segment."
Cachet's partner for the Savant brand in the Shandong province, Izunco has grown rapidly since its inception with 30 hotels under franchise and 11 under management currently. It also opened the very first business hotel in the resplendent port city of Qingdao, also the location of its company's headquarters. In addition, Izunco has already established its footprint in cities and provinces like Beijing, Zhejiang and other parts of Shandong Province.