Jin Jiang acquires 80-percent stake in Vienna Hotels Group | hotelmanagement.net
Major Chinese hotel group Jin Jiang Hotels Group, which has been on a buying spree since late last year, is
continuing to grow through acquisitions. The company has invested approximately US$289.8 million for an 80-percent stake in the midrange Vienna Hotel Group and its restaurants, according to ChinaTravelNews.
Jin Jiang Hotels outbid major competitor HNA Hospitality Group and property developer giant Sino-Ocean in the acquisition bid, ChinaTravelNews reported.
The acquisition of Vienna Hotels Group, which is based in Shenzhen, China, will add an additional 479 hotels with 60,000 rooms to Jin Jiang Hotels’s portfolio.