Attendees to the next World Economic Forum in Davos may find that the property owner has changed to a Chinese hotel group. The hotel group, Huazhu Hotels Group, is China’s biggest owner of cheap hostelries.
Growing from a single Hanting hotel in 2005 to becoming the world’s fifth largest hotel group by market capitalization, the group announced that a subsidiary of the company has reach an agreement to acquire Germany’s best known luxury hotel chains for approximately $802 million.
Huazhu now owns and manages more than 5,151 hotels also indicated that it is buying Deutsche Hospitality from Egyptian travel and tourism company Travco Group as part of its overseas expansion.
Full article by Jan Kot, Mingtiandi View full article here