The Chinese hotel group announced the signature of an agreement to take over the group Yunshang Siji Hotel Management Co., which operates 35 hotels in China.
Home Inns accelerates growth in China and takes over a new hotel chain at the destination. The group has announced the signature of an agreement to take over its compatriot Yunshang Siji Hotel Management Co. from Kunming Department Store Co. The transaction, which should be closed on April 1, 2014, will be for 230 million Yuan, or close to 37.5 million dollars.
Yunshang Siji is an economy brand operating a portfolio of 27 hotels through leasing and 8 others through franchise, representing some 3,500 rooms. Most of these properties are located in the province of Yunnan, in China. They will shift under the Home Inns brand.
"This transaction brings us a group of quality hotels located in the southwest of China and reinforces the value and geographic diversity of the brand Home Inns. Southwest China, especially the province of Yunnan, offers many opportunities for growth and this addition to the portfolio of Home Inns corresponds to our growth and investment strategy for our foray into China's key markets," declared David Sun, CEO Home Inns.
Every week, the HON team brings you an expert look at the world of hospitality. By becoming a member, you will have access to a complete ecosystem: exclusive content, jobs, etc.
Sign up to add
topics
in favorite.
Sign up to add
categories
in favorite.
Sign up to add
content
in favorite.
Register for free to
vote
for the application.
Already signed up?Already signed up?Already signed up?Already registered?Login here!
