China Lodging completes acquisition of Crystal Orange Hotel
China Lodging Group (Huazhu Hotels) announced that it has closed the acquisition of Crystal Orange Hotels for RMB 3.65 billion (USD 540 million).
China Lodging's wholly-owned subsidiary China Lodging Holdings (HK) Limited had completed the transaction with the shareholders of Crystal Orange Hotel Holdings Limited to acquire all of the equity interests of Crystal Orange.
The company announced the purchase agreement in February.
Crystal Orange is a boutique hotel operator in China founded in 2006, headquartered in Beijing, with more than 100 hotels located primarily in tier 1 and tier 2 cities.
Crystal Orange's hotel business has become part of China Lodging's network. This important strategic acquisition will combine Crystal Orange's unique positioning with China Lodging's extensive coverage and strong development capability in China.
China Lodging's management will revise the full year 2017 guidance taking into consideration the financial impact of the Transaction.