{"id":35174,"date":"2004-11-18T00:26:03","date_gmt":"2004-11-17T16:26:03","guid":{"rendered":"http:\/\/www.chinahospitalitynews.com\/2004\/11\/18\/teda-travel-group-completes-acquisition-of-a-luxury-hotel-management-company\/"},"modified":"2004-11-18T00:26:03","modified_gmt":"2004-11-17T16:26:03","slug":"teda-travel-group-completes-acquisition-of-a-luxury-hotel-management-company","status":"publish","type":"post","link":"https:\/\/www.chinahospitalitynews.com\/cn\/2004\/11\/18\/35174\/","title":{"rendered":"TEDA Travel Group Completes Acquisition of a Luxury Hotel Management Company"},"content":{"rendered":"<p>TEDA Travel Group announced today it has completed its acquisitionof a 60% share in Landmark Hotel International Group Ltd (\"Landmark\").<\/p>\n<p><!--more--><\/p>\n<p>TEDA Travel Group CEO, Mr. Godfrey Hui said, \"We are glad that we have closed the deal with Landmark.&amp;nbsp; The acquisition adds 13 hotels to our portfolio, which is higher than the 11 hotels announced earlier.&amp;nbsp; Both companies are growing rapidly.&amp;nbsp; The completion of the Landmark acquisition increases the number of hotels managed by TEDA Travel Group from 3 to 16.\"<\/p>\n<p>TEDA Travel Group CFO, Mr. Albert Wong said, \"This acquisition will add about USD$250,000 to the bottom line.&amp;nbsp; We expect Landmark to continue its exceptional performance and hope to further enhance our brand through these<br \/>properties.\"<\/p>\n<p>The Agreement calls for TEDA Travel Group to acquire a 60% equity interest in Landmark where it holds all its current management contracts.&amp;nbsp; Landmark also guarantees profitability of the venture for the years 2005-2007.&amp;nbsp; Failing this, the consideration payable to the acquiree can fall to zero.<\/p>\n<p>Landmark executives, under the leadership of Mr. Philip Chi Ming Cheung, have successfully managed more than 20 similar hotel projects since the year 2000, and have established a well-known, well-managed high-end brand in China.<br \/>Landmark has concentrated its primary efforts on both pre-operating planning, and efficient management.<\/p>\n<p>Chinese customers are very sophisticated and brand conscious, therefore developing a recognized brand is an important consideration for any hotel chain to reap the rewards of increasing business and leisure travels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TEDA Travel Group announced today it has completed its acquisitionof a 60% share in Landmark Hotel International Group Ltd (\"Landmark\").<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12723],"tags":[],"class_list":["post-35174","post","type-post","status-publish","format-standard","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/posts\/35174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/comments?post=35174"}],"version-history":[{"count":0,"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/posts\/35174\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/media?parent=35174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/categories?post=35174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinahospitalitynews.com\/cn\/wp-json\/wp\/v2\/tags?post=35174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}