China Lodging Group has reached an agreement to acquire all equity interests in Crystal Orange Hotel Holdings; the deal is subject to approval by the Chinese government.
SHANGHAI, Feb. 27, 2017 -- China Lodging Group, Limited (NASDAQ:HTHT) ("China Lodging" or the "Company"), a leading hotel chain operator in China, today announced that its wholly-owned subsidiary China Lodging Holdings (HK) Limited has entered into a definitive share purchase agreement with the shareholders of Crystal Orange Hotel Holdings Limited ("Crystal Orange") to acquire all of the equity interests of Crystal Orange for an initial aggregate consideration in cash of approximately RMB 3.65 billion, with customary post-closing adjustments (the "Transaction"). The closing of the Transaction is subject to the approval from the Antitrust Bureau of Ministry of Commerce of China.
China Lodging's management will communicate more details on the Q4 and full year earnings call at 9 p.m. ET, Tuesday, March 14, 2017 (or 9 a.m. on Wednesday, March 15, 2017 in the Shanghai/Hong Kong time zone). To participate in the event by telephone, please dial +1 (855) 500 8701 (for callers in the US), +86 400 120 0654 (for callers in China Mainland), +852 3018 6776 (for callers in Hong Kong) or +65 6713 5440 (for callers outside of the US, China Mainland, and Hong Kong) and enter pass code 7256 4976. Please dial in approximately 10 minutes before the scheduled time of the call.
About China Lodging Group, Limited
China Lodging Group, Limited is a leading hotel operator and franchisor in China under 12 brand names. As of December 31, 2016, the Company had 3,269 hotels or 331,347 rooms in operation in 367 cities. With a primary focus on economy and midscale hotel segments, China Lodging Group's brands include Hi Inn, HanTing Hotel, Elan Hotel, JI Hotel, Starway Hotel, Joya Hotel, and Manxin Hotels & Resorts. The Company also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in Pan-China region.
For more information, please visit the Company's website: http://ir.huazhu.com.
About Crystal Orange
Crystal Orange is a leading boutique hotel operator in China founded in 2006, headquartered in Beijing, with more than 100 hotels located primarily in tier 1 and tier 2 cities. Crystal's three flagship brands address different segments of the market, namely "Crystal Orange Hotel", "Orange Hotel Select" and "Orange Hotel".
For more information about Crystal Orange, please visit its website: http://www.orangehotel.com.cn
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