The acquisition was completed by the merger of Interstate Hotels & Resorts with Hotel Acquisition. The latter is a 50:50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group and Jin Jiang Hotel.
The deal, worth US$300 million, represents the largest overseas acquisition ever completed in China’s hotel sector, and is a key step in the Chinese company’s goal of overseas expansion.
Alibaba reports that Jin Jiang Hotel is the world’s 13th-largest hotel company by number of rooms.