Huazhu Group, a leading and fast-growing multi-brand hotel group in China, today announced that its wholly-owned subsidiary Huazhu Hotel Management has entered into share transfer agreements with Beijing Tsingpu Travel Culture Development and Suzhou Tiancheng Jiaqi Tourism Industry Investment LLP, two shareholders of Blossom Hill Hotel Investment Management, to acquire 71.2% of outstanding shares of Blossom Hill for a total consideration of approximately RMB 462.9 million in cash.
The Acquisition is subject to customary closing conditions and is expected to be completed on or around August 31, 2018.
Upon completion of the Acquisition, Huazhu will own an aggregate of 82.5% of the shares of Blossom Hill, and Blossom Hill Hotels & Resorts will become part of Huazhu's hotel network. Huazhu may continue to acquire some remaining minority shareholders' shares in Blossom Hill.
Huazhu does not expect this transaction to have any significant impact on its revenue or profit in 2018.
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