Jinjiang Inn spends 70 million RMB to acquire City Inn
Shanghai-based Jinjiang Inn Co. Ltd., recently spent 70 million RMB in an all-cash transaction to acquire 100% of OCT City Inn shares.
Shanghai-based Jinjiang Inn Co. Ltd., recently spent 70 million RMB in an all-cash transaction to acquire 100% of OCT City Inn shares. City Inn made a listing transfer to Jinjiang Hotels at the Shanghai United Assets and Equity Exchange. Jinjiang Inn is a subsidiary of Jiniiang Hotel Group, a conglomerate owned by the Shanghai Municipal Government.
According to the share transfer agreement Jinjiang Inn will receive the usage rights for ten City Inn hotels in a single hand over. But this does not include the ownership of the City Inn trademark. The hotels are in cities such as Shenzhen, Foshan, and Zhongshan in Guangdong Province.
JInjiang Inn says that the 10 City Inns they have acquired will be converted to hotels under the Jinjiang Hotel Group’s Goldmet Inn brand. This move will help Jinjiang Hotel’s expansion into southern China.
Jinjiang Hotel Group’s brands include Metropolo Jinjiang Hotels, Jinjiang Inn, Goldmet Inn, and Bestay Hotel Express. Currently Jinjiang Hotel Group has over 1,000 hotels in 280 cities across China. (Translation by David)