Shanghai Jin Jiang International Hotels (Group) Company Limited has approved plans to acquire the 81.0034% stake in Keystone Lodging Holdings Limited.
Jin Jiang Hotels previously announced a decision to acquire a 81.0034% stake in Keystone Lodging Holdings Limited, owner of Plateno Group, for CNY8.269 billion in cash. Plateno Group owns economy hotel brands such as 7 Days Inn and medium- and high-end service hotel brands such as Lavande Hotel and Coffeetel.
In addition, Jin Jiang Hotels recently published the performance of its subsidiary Shanghai Jin Jiang International Industrial Investment Co., Ltd. From January to September 2015, Jin Jiang Investment realized operating revenue of CNY1.601 billion, a year-on-year decrease of 0.19%; its net profit attributable to shareholders was CNY156 million, a year-on-year decrease of 7.39%; and its net cash flow was CNY187 million, a year-on-year decrease of 20.24%.
By the end of September 2015, Jin Jiang Investment's total assets reached CNY4.579 billion, a year-on-year increase of 32.83%; and its net assets attributable to shareholders were CNY3.15 billion, a year-on-year increase of 35.5%.