Shanghai Jin Jiang International Hotels Development plans to raise as much as euros 240 million in an initial public offering. The mainland's largest hotel operator, will offer 25 per cent of its enlarged issued capital. The capital raised should provide the financial means to triple the number of budget hotels in its portfolio between now and 2010. “We plan to expand the number of budget hotels to about 600 in 2010 from 180 at the end of this year,” said Yang Wei-min, the managing director and chief executive of Jin Jiang. With a boost from the Beijing Olympic Games in 2008 and more than 200 large exhibitions planned for Shanghai and Beijing from now until 2010, Mr Yang said the demand for hotel rooms is bound to rise. China's travel industry is projected to grow 23 per cent to US$301 billion by the end of the year, according to the World Travel & Tourism Council. That would make it the third-largest market in the world behind the United States and Japan. The mainland attracted a record 120 million foreign tourists last year. Despite increasing demand for budget hotels, Mr Yang said room rates may rise at a slower pace from next year because competition from foreign rivals is increasing. So far, Jin Jiang owns and operates a mix of 263 budget and luxury hotels with a total of 51,588 rooms in 24 provinces.Shanghai Jin Jiang International Hotels Development plans to raise as much as euros 240 million in an initial public offering. The mainland's largest hotel operator, will offer 25 per cent of its enlarged issued capital. The capital raised should provide the financial means to triple the number of budget hotels in its portfolio between now and 2010. “We plan to expand the number of budget hotels to about...