The 24K International Hotel Group has announced that it has obtained US$10 million capital for budget hotel business expansion in Asia.
The 24K Hotels chain brand was formed by Shanghai Mingda Investment Management Company Limited and Shanghai Jinguan Hotel Service Company Limited in 2004.
At present, the group's hotel business focuses on the Yangtze River Delta region of China. It engages in the development, leasing, operation, franchising, and management of budget hotels around China under the brand of 24K. The company expects to add 10-20 hotels to its portfolio by the end of 2008, and plans to expand to 50 hotels around China in 2009.
Founded in 2005, Shanghai Jinguan Hotel Service Company Limited has taken over the management of all hotels with 24K or 18K brands from the Shanghai Mingda Investment Management Company Limited. The company has an expansion plan to add 30 outlets in Shanghai during the period of 2010 World Expo.