Hotel Shilla re-enters Chinese market with business hotel ”Shilla Stay” (South Korea)

Samsung Group's luxury hotel, Hotel Shilla, is planning to take over the operation of the business hotel "Silla Stay" in Jiangsu Province, China. If the contract is confirmed, Hotel Shilla will hold the first hotel opening in three years.
According to a source in the Korean hotel industry, Hotel Shilla closed a business deal in June with a local hotel development investor in Yancheng, Jiangsu Province, China, regarding the operation of Shilla Stay.
The two companies signed a memorandum of understanding (MOU). After the MOU is signed, a formal contract will be signed after the completion of construction and business feasibility are considered. The Shilla Hotel said, "We signed the MOU after receiving a proposal to operate the hotel on a contract basis.
We hope that this MOU will serve as an opportunity to accelerate our advancement into global markets, including China."
Shilla Stay is a business hotel brand of Hotel Shilla.
The hotel is operated under a contract management system in which the hotel rents out the property and receives royalties. Hotel Shilla has been operating the Jinji Lake Hotel in Jiangsu Province on a contract basis since 2006, but the contract period has expired.
It was withdrawn in 2021.