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Slide #14. Home Inns Group — Yunshang Siji Hotel Management Company
Home Inns Group (HMIN)
Yunshang Siji Hotel Management Company
Home Inns & Hotels Management Inc. (NASDAQ: HMIN) ("Home Inns Group" or "the Company"), a leading economy hotel chain operator in China, today announced that it has signed a legally binding memorandum of understanding to acquire 100% ownership of Yunshang Siji Hotel Management Company ("Yunshang Siji") from Kunming Department Store (Group) Co., Ltd., a publicly listed company in the domestic A-share market, for a cash purchase price of RMB 230 million, subject to satisfactory due diligence and customary purchase price adjustments. The transaction is expected to close on April 1, 2014.
Homeinns Hotel Group and its subsidiaries are principally engaged in the development, lease, operation, franchising, and management of economy hotels under the "Home Inn" brand in the People's Republic of China. Co. either leases real estate properties on which it develops and operates hotels or it franchises the Home Inn brand to hotel owners and manages these hotels. As of Dec. 31, 2014, Co. had 2,609 hotels in operation, including 914 leased-and-operated hotels and 1,695 franchised-and-managed hotels, with approximately 296,075 rooms located in 335 cities across China, and an additional 201 hotels under development.
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Buy (3.00 out of 4)
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