BTG Hotels seals deal with Nanyuan
BTG Hotels announced on November 25 that details of its proposal to acquire a 70% holding in Ningbo Nanyuan Group have been agreed upon.
BTG Hotels announced on November 25 that details of its proposal to acquire a 70% holding in Ningbo Nanyuan Group have been agreed upon. Observers say this indicates the acquisition has been settled and paves the way for BTG’s foray into the southern region.
The acquisition has been underway for several months starting with BTG Hotels proposing to acquire 70% of Nanyuan Group’s shares for RMB280 million last June and the latter’s delisting on September 17.
BTG Hotels said acquiring Nanyuan Group would help enhance the size of the listed company and accelerate its strategy of “branding plus capital”, which would in turn boost the development of its core hotel business and lift company earnings and profits. Industry observers believe BTG Hotels will continue to build a nationwide market presence through acquiring assets and management rights under its brand. The acquisition of Nanyuan Group is an important step by BTG Hotels to enter the regional hotel market in the south.(Translation by David)