Hoteliers get Interstate
By Cao Qian |
April 2, 2010, Friday
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Print Edition
Print Edition
SHANGHAI Jin Jiang International Hotels (Group) Co Ltd announced yesterday that it has acquired Interstate Hotels & Resorts Inc, the largest independent hotel management company in the United States, through a strategic partnership with the US-based Thayer Lodging Group.
The US$300 million deal, inked on March 18, marks the largest overseas acquisition ever completed in China's hotel industry.
"The acquisition marks a key step in our goal of overseas expansion," said Yu Minliang, chairman of Jin Jiang Hotels. "It will help Jin Jiang enhance its brand awareness in the global market while further improving its management expertise through strategic collaboration with our US partners."
To maximize the benefits of the acquisition, Jin Jiang launched initiatives yesterday with the two partners which include an agreement with Interstate to set up a hotel management joint venture; a pact with Thayer to form an asset management company; a memorandum with Thayer for a Chinese hotel and tourism investment fund as well as for Jin Jiang's training program in the US.
The US$300 million deal, inked on March 18, marks the largest overseas acquisition ever completed in China's hotel industry.
"The acquisition marks a key step in our goal of overseas expansion," said Yu Minliang, chairman of Jin Jiang Hotels. "It will help Jin Jiang enhance its brand awareness in the global market while further improving its management expertise through strategic collaboration with our US partners."
To maximize the benefits of the acquisition, Jin Jiang launched initiatives yesterday with the two partners which include an agreement with Interstate to set up a hotel management joint venture; a pact with Thayer to form an asset management company; a memorandum with Thayer for a Chinese hotel and tourism investment fund as well as for Jin Jiang's training program in the US.
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