Hanting Hotels Receives Second Round Investment

Ji Qi, the CEO of Hanting Hotels, has told local media that Hanting has obtained its second round of financing, a total investment of USD55 million following the USD85 first round of funding raised last year.

Ji said that the company plans to open 100 new outlets in 2009, focusing on its budget hotel brand Hanting Express. In 2008 Hanting only opened 100 hotels and not the 160 originally planned.

This new capital will be used to expand Hanting's hotel portfolio; and the company will continue to open new outlets focusing on major cities and key locations in China.

In addition, Hanting says that it will also acquire some other hotels. For example, the company has acquired a boutique hotel in Beijing and five in Shanghai. Ji said that Hanting sees many three- and four-star hotels as the targets for acquisition.