Huazhu Group Limited Announces Acquisition of Blossom Hill Hotels & Resorts
H World Group Limited - American Depositary Shares (HTHT)
Last h world group limited - american depositary shares earnings: 3/26 05:00 pm
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ir.huazhu.com
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Source: GlobeNewswire
SHANGHAI, China, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Huazhu Group Limited (NASDAQ:HTHT) (“Huazhu” or the “Company”), a leading and fast-growing multi-brand hotel group in China, today announced that its wholly-owned subsidiary Huazhu Hotel Management Co., Ltd. has entered into share transfer agreements with Beijing Tsingpu Travel Culture Development Co., Ltd. and Suzhou Tiancheng Jiaqi Tourism Industry Investment LLP, two shareholders of Blossom Hill Hotel Investment Management (Kunshan) Co., Ltd. (“Blossom Hill”), to acquire 71.2% of outstanding shares of Blossom Hill for a total consideration of approximately RMB462.9 million in cash (the “Acquisition”). The Acquisition is subject to customary closing conditions and is expected to be completed on or around August 31, 2018. Upon completion of the Acquisition, Huazhu will own an aggregate of 82.5% of the shares of Blossom Hill, and Blossom Hill Hotels & Resorts will become part of Huazhu’s hotel network. Huazhu may continue to acquir
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