The agreement will be concluded through Huazhu`s wholly-owned subsidiary, China Lodging Holding Singapore, and will be subject to net working capital and other adjustments after the conclusion, as stipulated in the agreement. The acquisition is subject to regulatory approvals and other closing conditions and is expected to be completed early next year. Shanghai-based hotelier and franchisor Huazhu Group is strengthening its reach in Europe with a multi-million euro deal. The company has entered into a share purchase agreement for the acquisition of all frankfurter Deutsche Hospitality shares, whose portfolio includes the Steigenberger Hotels and Resorts brand, for a cash base of approximately 700 million euros. Zleep Hotels will make its debut in southern Europe. Deutsche Hospitality has signed a contract for the first Zleep Hotel in Spain, which will position the young economy brand outside Scandinavia for the first time. At the end of 2021, the Zleep Hotel Madrid Airport will open its doors near the capital`s international airport and the Principe Felipe convention centre. It will offer 280 rooms and make the Mallorca Hotel the second largest German hospitality hotel in Spain. For Deutsche Hospitality, Spain is a very attractive market,” says Thomas Willms, CEO Deutsche Hospitality, “We see here not only for our resort hotels, but especially for economic and economic hotels an additional potential. With Zleep, we have the perfect entry product into our brand world and we offer quality, service and design at an affordable price.
For more information, see www.deutschehospitality.com/en. I imagine that the merger between Deutsche Hospitality and Huazhu will lay the foundations for a global hotel group that combines European hospitality, German quality and Asian speed. SHANGHAI, China, Nov. 04, 2019 (GLOBE NEWSWIRE) — Huazhu Group Limited (“Huazhu” or “Company”) announced today, that the company, through its wholly owned subsidiary China Lodging Holding Singapore, has entered into a share purchase agreement (“agreement”) for the acquisition of all shares of Steigenberger Hotels Aktiengesellschaft in Germany (“Deutsche Hospitality”), for a sum of approximately 700 million euros in cash subject to net working capital and other adjustments after the close. The acquisition is subject to regulatory approvals and other closing conditions and is expected to be completed early next year. The Chinese group has entered into a share purchase agreement to acquire all deutsche Hospitality shares for an estimated cash base of 719.9 million euros, acquiring a portfolio of five brands ranging from economy to luxury.