Wanda to expand luxury hotel business globally

China's Dalian Wanda Group is expanding its luxury hotel business, eyeing to establish over 150 premium hotels across the globe by the end of 2018.

The targeted overseas markets include Europe, the United States and Australia, according to the group.

Wanda Hotels &Resorts Co. Ltd. was founded in 2012 with the goal of becoming China's preeminent global luxury hotel brand. It owns and manages hotels under three names -- Wanda Realm, Wanda Vista, and Wanda Reign.

By the end of 2014, the company will own 71 luxury hotels in China.

Dalian Wanda Group Corp. Ltd is the parent company of Wanda Hotels &Resorts.