Langham Hospitality Group (LHG), a wholly-owned subsidiary of the Great Eagle Group, is said to have set aside $1.5bn for new acquisition targets this year as it looks to consolidate its position in the US and European markets.

As part of the plan, the hospitality group is seeking to acquire ten properties.

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Upon successful completion, eight properties are expected to come under the Eaton brand, while two will be Langham hotels.

LHG chief executive Robert Warman was quoted by South China Morning Post as saying that the company is looking at acquisition opportunities in Washington, Miami, New York, San Francisco, London, Prague and Shanghai.

"We believe there are opportunities to invest in Europe and the US, as property prices are still attractive," Warman added.

"We believe there are opportunities to invest in Europe and the US, as property prices are still attractive."

Besides acquisitions, the group is in talks with several owners and developers in securing management contracts for their hotels.

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It is also looking to set up a new brand catering to middle-level business travellers.

Warman noted that LHG’s aim is to have more than 100 hotels over the next five years and to increase further to 500 in its second five-year plan.

Separately, Great Eagle is planning to launch a new brand over the next three months for domestic travel in China.

"It is going to be corporate-style hotels catering to mid-level executives, group sales and training. Once the brand is established in China, we will start to bring it to other major destinations," Warman said.