Jin Jiang to launch mid-class hotel brand
By Cherry Cao |
June 15, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI Jin Jiang International Hotels (Group) Co yesterday said it plans to open about 100 limited service hotels in China under a new Metropolo brand over the next three to five years amid robust demand for mid-class accommodation.
The Hong Kong-listed company, through a subsidiary, signed an agreement in Shanghai yesterday to acquire 21 Smart hotels from Tianjin Huasheng Tourism Equity Investment Partners (LLP) and China Wallink Holding for 710 million yuan (US$115 million).
The 21 Smart hotels are 99 percent owned by Tianjin Huasheng and 1 percent owned by Wallink Holding. The 21 Smart hotels in 18 cities, along with other hotels managed by Jin Jiang, will be rebranded as Metropolo. Mid-class hotels offer limited or selected services to budget-conscious travelers.
"We've noticed huge demand for limited service hotels in the country while the current market supply seems far from adequate," said Yang Weimin, vice chairman and chief executive officer of Jin Jiang International Hotels.
"Our latest acquisition of Smart hotels will certainly offer us a great opportunity to consolidate our strength in this segment."
The majority of the Metropolo hotels will be in first-tier cities and provincial capitals with room rates between 300 yuan and 500 yuan per night.
The Hong Kong-listed company, through a subsidiary, signed an agreement in Shanghai yesterday to acquire 21 Smart hotels from Tianjin Huasheng Tourism Equity Investment Partners (LLP) and China Wallink Holding for 710 million yuan (US$115 million).
The 21 Smart hotels are 99 percent owned by Tianjin Huasheng and 1 percent owned by Wallink Holding. The 21 Smart hotels in 18 cities, along with other hotels managed by Jin Jiang, will be rebranded as Metropolo. Mid-class hotels offer limited or selected services to budget-conscious travelers.
"We've noticed huge demand for limited service hotels in the country while the current market supply seems far from adequate," said Yang Weimin, vice chairman and chief executive officer of Jin Jiang International Hotels.
"Our latest acquisition of Smart hotels will certainly offer us a great opportunity to consolidate our strength in this segment."
The majority of the Metropolo hotels will be in first-tier cities and provincial capitals with room rates between 300 yuan and 500 yuan per night.
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