Chinese private equity firm Hony Capital has agreed to a buy 12.43% stake in Shanghai Jin Jiang International Hotel Group Co., Shanghai, for 15 billion yuan (US$244 million).
The deal requires approval from China’s securities regulator. The purchase will make Hony the largest institutional investor in Jin Jiang.
With a variety of brands and rapidly growing pipeline in its native China, Jin Jiang has risen to become the tenth-largest hotel company in the world by total guestrooms, according to HOTELS 325 data. In 2010 Jin Jiang had 89,251 guestrooms in operation, which ballooned to 214,796 in 2013.