The Hunan Huatian Great Hotel Company has announced that it will acquire a 100% share of Changchun Huatian Hotel for CNY400 million.
Spokesperson Tang Jinjun from Huatian Hotel told local media that it was one of the company's strategic plans to purchase the Changchun Huatian Hotel and develop in the northeast China market. He added that there are currently just three five-star hotels in Changchun including the Changchun Huatian Hotel, which means the region has great market potential. And the company will use Changchun as a base to expand in the northeast market.
The company has submitted the application for the acqusition plan to the China Securities Regulatory Commission for approval. The transaction is expected to be completed by the end of this year.