Hotel giant Jin Jiang backs WeWork's $260m round
Chinese hotelier Jin Jiang International joined a investor group to inject USD 260 million in office-sharing startup WeWork Cos., according to a Wall Street Journal report.
A consortium of investors including Shanghai Jin Jiang International Hotels, one of China’s largest hotel companies, has put another USD 260 million in office-sharing startup WeWork Cos., according to a Wall Street Journal report. The funding round values the company at USD 16.9 billion.
Shanghai Jin Jiang’s investment comes as WeWork makes a big push to bring its communal office spaces to Asia. The company opened a Shanghai office, its first in China, in July. It has also expanded to South Korea and Hong Kong and plans to open locations in other part of Asia.
Shanghai Jin Jiang owns or manages more than 6,000 hotels in 60 countries, according to the company’s website. The hotelier last year purchased France’s Louvre Hotels Group, the second-largest European hotel group for roughly USD 1.4 billion.
Another Chinese major hotel group, China Lodging Group (Huazhu), joined property giant Vanke to invest in office-sharing platform SimplyWork's 30-million-yuan series A round in June 2016.
Read original article