Breaking News, World News and Taiwan News.

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.

Subscribe to The China Post and save 25%. Click here

Share

Print

Email


Sponsors
▪	Save 70% for hotel in Shanghai and 6000 hotels, in Beijing, Guangzhou, Shenzhen, and all China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!