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Updated Wednesday, December 23, 2009 11:23 am TWN, AFP

Shanghai hotel group jointly buys U.S. Interstate Hotels

BEIJING -- A Shanghai hotel group has announced the joint acquisition of U.S. Interstate Hotels and Resorts, in what is said to be the first foreign purchase by a Chinese hotelier. Shanghai Jin Jiang International Hotels (Group) said it has formed a 50-50 joint venture with U.S. real estate investment firm Thayer Lodging Group to buy Interstate, which runs hotels in the United States, Europe, Russia and India. The deal is worth about US$307 million, Interstate said in a statement filed to the New York Stock Exchange.

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