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Jinjiang Inn To Purchase 12 China Post Group Hotels
January 10, 2008 |
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According to local media, Jinjiang Inn plans to purchase 12 hotels from the China Post Group.
The China Post Group formally put their 15 hotels up for sale in the China Beijing Equity Exchange on December 25, 2007 and this public sale will end on January 22, 2008. The total value of these 15 hotels is about RMB220 million, of which 12 hotel were sold in a package for RMB175 million. Public data indicates that these hotels are located in Sichuan, Yunnan, Chongqing, Jilin and Guangdong.
One representative from Jinjiang Inn said that they will re-brand these 12 hotels with Jinjiang Inn and another new brand after the acquisition. Prior to this, Jinjiang Inn announced that they will launch two new brands for niche markets in 2008, of which one is positioned as lower level than the current Jinjiang Inn brand with about RMB100 room price per night, and another one is higher than it with about RMB300 room price per night.
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