Jin Jiang Hotels to complete acquisition of Vienna Hotel Group
Jin Jiang International Hotels Group is set to complete the acquisition of Vienna Hotels Group having formed the framework agreement for 100% of the group.
A source of Jin Jiang International Hotels Group said that the group is set to complete the acquisition of Vienna Hotels Group having formed the framework agreement for acquiring 100% of Vienna Hotels Group. This is Jin Jiang Hotels Group’s second largest acquisition since it acquired Plateno Group in 2015.
After the previous acquisition of Plateno Group, the share price of Jin Jiang Hotels Group in the Hong Kong bourse stayed flat while the price of its A shares surged nearly 500%. Its latest acquisition of Vienna Hotels Group is expected to continue to drive up Jin Jiang Group’s share price, as the acquisition will boost the group’s total capacity to over 550,000 rooms. After buying Vienna Hotel Group, Jin Jiang Hotels Group will rank fifth in global hotel ranking just behind the Wyndham Hotel Group, based on the 2015 global hotel groups ranking.
The state-owned Jin Jiang Hotels Group and Jianguo Hotels and Resorts have been aggressively snapping up the medium- to large-scale hotel groups. Jian Jiang Hotels Group has set the scene in 2016 for more mergers and acquisition among hotel groups in China this year.(Translation by David)