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Homes Inns buying Motel 168
Home Inns & Hotels Management Inc., one of China’s largest economy hotel chains, is getting bigger, with the acquisition of Motel 168 International Holdings Ltd. in a cash/stock deal valued at $470 million. Motel 168’s holdings include 144 leased-and-operated locations and 137 franchised-and-managed hotels, with a total of more than 45,000 rooms in 81 cities across China.
“We are excited to have the opportunity to bring Motel 168, a well-established domestic economy hotel chain, into Home Inns' portfolio, and look forward to working with the Motel 168 management team to ensure timely closing of the transaction, smooth post-closing integration and future growth of the business,” said David Sun, ceo of Home Inns, which operates about 850 locales across China.
The acquisition is expected to close in the fourth quarter of this year.
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