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Wing On Travel Joins China's Economy Hotel Sector
April 20, 2007 |
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Following CYTS, China's budget hotel market has now welcomed another new member with the Hong Kong based travel service provider Wing On Travel announcing plans to acquire a Sichuan budget hotel for HK$70 million.
Wing On Travel announced that its subsidiary International Travel Systems would indirectly take over 26.5% of Sichuan Fangyuan Siji Hotel by acquiring 52.5% of the shares of Enjiy Media USA with HK$70 million. Fangyuan Siji Hotel is an economy hotel that provides 53 rooms. The hotel was set up in the 1990's and was stopped for renovation in 1999. Now it has entered the last stage of the large scale renovation.
Wing On Travel believes that the transaction provides a good opportunity for them to enter China's booming budget hotel market and bring them new business growth points. Wing On Travel (Holdings) Limited is a Hong Kong based travel service provider whose principal activities are the provision of package tours, travel and other related services.
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