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China’s Huazhu Group acquiring German hospitality group
Chinese hospitality firm Huazhu Group is buying Germany based Deutsche Hospitality.
The acquisition will cost about US$780 million, and gives Huazhu ownership of five hotel brands including Steigenberger Hotels.
Deutsche Hospitality currently operates 118 hotels and recently said it plans to boost that to about 250 within five years.
"Both Huazhu and Deutsche Hospitality have strong and recognised brands, which we will maintain, while further accelerating their growth," a joint statement said.
It is an important move for Huazhu to cement its overseas expansion after recently entering Singapore and Japan.
"This acquisition is an important milestone in our global growth strategy," said Huazhu founder and executive chairman Qi Ji.
The deal is expected to complete early in 2020.
Huazhu Group manages more than 5,000 hotels in China across various brands including Hanting Hotels and Manxin Hotels & Resorts.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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