China Travel Service has purchased mainland hotel businesses from its parent company China Travel Service Group for HK$1.107 billion.

After the purchase, CTS will be responsible for the management companies of 23 hotels and they will own 60% share of three hotels in Beijing, Shanghai and Yangzhou, respectively. China Travel Service Group says it will guarantee those three hotels reach at least HK$46 million total profit by the end of this December.

Those three hotels are CTS (HK) Grand Metropark Hotel Beijing, Metropark Service Apartment Shanghai and Metropark Hotel Yangzhou.