Alibaba invests in Chinese hotel tech firm
Fresh from presiding over a record-breaking US IPO, Chinese e-commerce giant Alibaba plans to buy a 15% stake in a Chinese hotel tech company.
It will spend about $457 million on the stake in Beijing Shiji Information Technology, and is the first deal for Alibaba since its $25 billion initial public offering earlier this month.
Beijing Shiji, which is listed on the Shenzen stock exchange, provides software for room reservations, purchasing and inventory for over 6,000 hotels in China, including a reportedly 90% of all five-star properties in the country.
Among its customer base are global brands such as Grand Hyatt Hotels, Marriott International, Westin Hotels and Sofitel.
The deal will add to the product range of Alibaba’s Taobao Travel business which offers airline tickets, hotels and package tours.
Last year, Alibaba also invested in Chinese travel website Qyer.com.
It has already made a number of acquisitions and investments this year, including a film-production company, a mobile game developer and even a professional soccer club.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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