Joint Venture Creates Two Membership Brands in China
Chinas Best Value Inn and Lexington Collection
SHANGHAI, August 17, 2006. In a joint venture with Vantage Hospitality (USA), Martin Soran, CEO of Chinas Best Value Inn and Lexington Hotel Company, Ltd. Shanghai, PRC, will hold the master license to market and sell these two hotel brands throughout greater China.
Vantage Hospitality, headquartered in Coral Springs, FL (USA), is the 12th largest hotel company worldwide. In only seven years of operation, Vantage's economy to mid-level hotel brand, Americas Best Value Inn, has grown from two hotels to over 650 properties throughout North America. Lodging Hospitality magazine has named the brand The Fastest Growing Hotel Chain in 2003, 2004, 2005, and 2006; and awarded the brand The National Chain Leadership Award in 2003, 2005 and 2006.
Americas Best Value Inn's success is built on the Freestyle Lodging Membership Model, developed by Vantage's CEO and founder, Roger Bloss. Considered an "affordable alternative to franchising," this membership model offers hotel owners low, flat monthly fees based on number of rooms; no royalties, short-term contracts, no liquidated damages, choice of amenities and a voice and a vote in all major brand decisions. In 2005, the average overall system Return On Investment was 629 percent.
"Hotel owners worldwide want more ROI and less interference from franchise headquarters," said Soran. "As one of the largest hotel companies in the world, Vantage provides the resources and support necessary to compete with other international brands, yet allows individual hotel owners to make their own decisions based on location and demographics."
Building on the success of Americas Best Value Inn, Vantage introduced The Lexington Collection in the second quarter of 2006. Premiering as the only membership brand for three to four star hotels in the upper-mid to upscale segment, The Lexington Collection currently has 12 hotels open or under contract throughout the United States, including several properties in the hotel-condo segment.
"The timing couldn't be better to introduce Chinas Best Value Inn and The Lexington Collection," said Bloss. "With China's attention to superb customer service and our unique membership model that allows owners to tailor their individual hotels to the needs of their guests, Chinas Best Value Inn and The Lexington Collection will quickly become major competitors in China's hospitality arena."
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