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Home Inns absorbs Shanghai Motel in US$470m deal
By Ding Yining and Cao Qian |
May 27, 2011, Friday
|
Online Edition
Online Edition
Home Inns & Hotels Management Inc, China's largest budget hotel operator, will pay US$470 million to buy 100 percent stake in Shanghai Motel Management Ltd to consolidate its market lead.
Home Inns will pay US$305 million in cash and the rest in other forms.
The acquisition is expected to be completed by the end of this year. The deal has been approved by board members of both Home Inns and Shanghai Motel but is still waiting for government approval.
Home Inns runs two hotel brands, Home Inn and YITEL Hotels, and owned 848 hotels and 97,321 rooms by the end of March.
Shanghai Motel is the country's fifth largest budget hotel chain with 281 hotels and 45,669 rooms in 81 cities. It is operating under three brands, Motel 168, Motel 268 and Yotel QQ.
Home Inns will keep the Motel 168 brand and continue to develop it. The operation of its own hotels remains unchanged.
Home Inns will boast more than 1,120 hotels in about 170 cities after completing the acquisition.
Home Inns will pay US$305 million in cash and the rest in other forms.
The acquisition is expected to be completed by the end of this year. The deal has been approved by board members of both Home Inns and Shanghai Motel but is still waiting for government approval.
Home Inns runs two hotel brands, Home Inn and YITEL Hotels, and owned 848 hotels and 97,321 rooms by the end of March.
Shanghai Motel is the country's fifth largest budget hotel chain with 281 hotels and 45,669 rooms in 81 cities. It is operating under three brands, Motel 168, Motel 268 and Yotel QQ.
Home Inns will keep the Motel 168 brand and continue to develop it. The operation of its own hotels remains unchanged.
Home Inns will boast more than 1,120 hotels in about 170 cities after completing the acquisition.
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