Wanda sets sights on hotel expansion overseas

Wanda Group will open eight to 10 hotels in major overseas cities in the next three to five years, a top executive of Wanda Hotels and Resorts said on Monday.

Iija Poepper, sales and marketing vice-president of Wanda Hotels and Resorts, said the group had plans to develop overseas, although he refused to say which exact cities.

"I can confirm two of the hotels for later this year," he added.

As one of China's wealthiest businessmen, Wang Jianlin showed his ambitious plans for the group when it announced the 11th Wanda Realm branded hotel in Beijing on Monday. The hotel had been managed by Accor, the France-based hotel management group for five years.

The group invested more than 30 million yuan ($4.92 million) into the rebranding in the past four months.

After the take-over, the hotel in west Beijing will be more profitable, Poepper said, as Wanda will have 100 percent control of the hotel.

The group also plans to have 100 hotels by 2015 and 50 percent of them will be managed by Wanda Hotels and Resorts.