Chinese private equity firm Hony Capital has agreed to a buy 12.43% stake in Shanghai Jin Jiang International Hotel Group Co., Shanghai, for 15 billion yuan (US$244 million).

Chinese private equity firm Hony Capital has agreed to a buy 12.43% stake in Shanghai Jin Jiang International Hotel Group Co., Shanghai, for 15 billion yuan (US$244 million).

The deal requires approval from China’s securities regulator. The purchase will make Hony the largest institutional investor in Jin Jiang. 

About Jin Jiang International Hotel group:

Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang Hotels") is one of the leading hotel operators and managers in the PRC, which is principally engaged in star-rated hotel operation and management, budget hotel operation and franchising as well as restaurant operation. Jin Jiang Hotels has been licensed to use the reputable "Jin Jiang" and "Jin Jiang Inn" trademarks and operates or has under development in aggregate over 707 hotels including landmark hotels, luxury hotels, commercial hotels and Jin Jiang Inn budget hotels, providing nearly 107,000 rooms in aggregate. Jin Jiang Hotels caters to the needs of different customers by its horizontally integrated hospitality platform ranging from the classic Jin Jiang Hotel and Peace Hotel to the Budget Hotels.

The Group’s portfolio covers 4 municipalities directly under the central government and 133 cities in 27 provinces and autonomous regions throughout the PRC, of which the majority are located in Shanghai and Beijing, the two important centers of finance and tourism in China. These hotels are located in the prime areas of the cities, and are well received for its close proximity to tourist and commercial districts as well as accessibility to major transport systems.