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7 Days Inn Obtains US$95 Million Investment
September 5, 2007 |
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Merrill Lynch, Deutsche Bank and Warburg Pincus have jointly offered US$95 million to China's 7 Days Inn, which plans to use the fund to expand across the country and go public in 2008.
This is the first time that the three financial giants joined forces to invest in 7 Days Inn. Warburg Pincus had previously made an investment into the company. Deutsche Bank said 7 Days Inn's growth potential is a main factor that has attracted it to make this investment.
Zheng Nanyan, CEO of 7 Days Inn, has told local media that they would spend the funds on future expansion. Zheng said that 7 Days Inn's hotels are mainly located in the southern and middle parts of China, but they would shift their focus to the first and second tier cities in the Yangtze River Delta Region in the coming years.
At present, 7 Days Inn has more than 100 hotels, but it hopes to increase its total hotel number to more than 150 by the end of this year, and make the number of opened hotels double that of this year in 2008. 7 Days Inn plans to open over 70 hotels this year.
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