Chinese hotel operator China Lodging Group Ltd. has agreed to acquire smaller rival Crystal Orange Hotels Group for RMB3.65 billion (US$531 million) from an investor group led by U.S. private equity giant the Carlyle Group, in a move that further pushes the country's hospitality sectors to consolidate.
A share purchase agreement was signed last night between a unit of China Lodging and Crystal Orange, according to a disclosure filing submitted by NASDAQ-listed China Lodging.
"Global consolidation of hotel operators is continuing," said Zhang Min, chief executive officer of China Lodging. "Crystal Orange is loved by the young and fashion crowd, attracting a complementary segment of the population to Huazhu's existing members. This will help strengthen our leading positio...
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