Huazhu Group Inks License Agreement With Porsche Design For New Hotel Brand

Huazhu Group Ltd’s (NASDAQ:HTHT) subsidiary Steigenberger Hotels AG has signed a license agreement with Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG (Porsche Design) to jointly develop a new hotel brand.
The joint hotel brand will be called Steigenberger Porsche Design Hotels and positioned as a luxury lifestyle brand.
This hotel brand is expected to be launched in selected international metropolises.
As of March 31, 2021, Huazhu Group operated 6,881 hotels with 662,512 rooms in 16 countries.
Price action: HTHT shares are trading lower by 1.45% at $49.76 on the last check Friday.