JinJiang buys 81 percent stake in Keystone Lodging
Shanghai-based Jinjiang International Hotels Development Co. has bought an 81 percent stake in Keystone Lodging Holdings Ltd., the owner of Plateno Hotels Group, one of China's leading hotel operators. According to Bloomberg News, Jinjiang will pay approximately $1.3 billion for the acquisition. "This buy marks a major step in our expansion, especially in adding brands in middle- to high-end hotels," Jinjiang said in a statement.
The purchase is the latest in a string of high-profile acquisitions by Jinjiang. This past August, it bought an 80 percent stake in the Vienna Hotel Group for $289.4 million. In November 2014, the company signed a deal with the Starwood Capital Group to buy Groupe du Louvre and subsidiary the Louvre Hotels Group for an undisclosed price, gaining more than 1,000 hotels in 46 countries. The purchase of Keystone Lodging is pending regulatory approval from Chinese authorities, including the anti-monopoly bureau of the Ministry of Commerce.