China’s largest hotel group targets overseas acquisitions
China’s largest hotel operator is eyeing overseas deals and strategic partnerships as most markets outside China continue to struggle.
Huazhu Hotels Group is in bullish mood, as the domestic China market is close to pre-pandemic levels.
The Nasdaq-listed hotel firm has just raised $783 million after listing in Hong Kong.
"We won’t hesitate to take action if there are proper acquisition targets, as operators with global presences will face challenges in the next one or two years amid virus and geopolitical tensions," Group President Jin Hui, told Bloomberg.
"With capital raised from the IPO, we are able to seek partnerships at any level."
Huazhu Hotels Group is the largest hotel company in China based on market value, and thought to be the third biggest globally behind Marriott and Hilton.
Huazhu has ambitious plans to open more than 1,600 new hotels this year, and is targeting a total of 10,000 hotels by 2023.
It currently has a portfolio of 6,000 hotels across several brands including Hanting Inns and Hotels, JI Hotel, and Manxin Hotels and Resorts.
Written by Ray Montgomery, Asia Pacific editor
TravelMole Editorial Team
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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