|This Slide: #36 of 87|
Slide #36. China Lodging Group, Limited — Quanjude
China Lodging Group, Limited (NASDAQ:HTHT)
China Lodging Group, Limited (Nasdaq:HTHT) ("China Lodging Group" or the "Company"), a leading and fast-growing multi-brand hotel group in China, today announced that the Company, through one of its subsidiaries, entered into a purchase agreement ("Agreement") to acquire ordinary shares of China Quanjude (Group) Co., Ltd. ("Quanjude", SHE:002186) through a private placement of RMB100 million (approximately US$16.3 million), effective upon meeting certain closing conditions. The purchase price is set at RMB14.03 per ordinary share, calculated as not less than 90% of the average of daily trading price for Quanjude's ordinary shares on Shenzhen Stock Exchange within 20 trading days preceding the Agreement date. The transaction is expected to close within the next six months. The placement will be of a total size of RMB350 million, with the remaining purchased by IDG Capital Management (HK) Limited. Post the transaction, China Lodging Group and IDG Capital will hold 2.3% and 5.8% of Quanjude, respectively.
Huazhu Group is a holding company. Through its subsidiaries, Co. is engaged in operating leased and owned, manachised and franchised hotels. Co. operates the following hotel brands: Economy hotel, which include HanTing Hotel, Hi Inn, Elan Hotel, Zleep Hotels and Ibis; Midscale hotel, which include Starway Hotel, JI Hotel, Orange Hotel, Ibis Styles and Mercure; Upper midscale hotel, which include Manxin Hotel, Crystal Orange Hotel, IntercityHotel and Novotel; Upscale hotel, which include Blossom Hill Hotels & Resorts, MAXX by Steigenberger, Jaz in the City, Grand Mercure and Madison Hotel; and Upper upscale, which include Joya Hotel and Steigenberger Hotels & Resorts.
Open the HTHT Page at The Online Investor »
Buy (3.00 out of 4)