Chinese hotel chains looking to buy into London hotel scene
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The Chinese hotel chains HNA International Hotels and
Resorts and Shanghai Jin Jiang International Hotels are eyeing London as part of an
international growth drive. Both are in the market for budget and mid-market
hotels, according to a report in the Sunday
Times.
Jin Jiang, which is listed on the Shanghai stock exchange and operates 540 hotels in
China, is reportedly on the
lookout to find a joint-venture partner to buy an existing UK
hotel chain. The company has already formed a JV relationship with Thayer Lodging Group in
the US to buy Interstate Hotels and
Resorts for US$307m. HNA, part of Hainan Airlines owner HNA Group, owns or
manages more than 35 hotels in China. Britain
was accepted onto the Beijing-approved tourist destination list in 2005 and now
accounts for 0.5 per cent of the Chinese tourist market.
16 Aug 10
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