Wang Jian, spokesperson of Guangdong China Travel Service Group, says that the group has launched a plan to finance US$50 million for the development of its hotel sector and the improvement of its capital structure.
The group expressed its willingness to build a partnership with hotels with long-term development ideas. It is also preparing for a listing in the future.
At present, the hotel business of Guangdong CTS, which takes the largest amount of the group's assets and is the major source of the group's profit, is mainly centralized in Landmark Hotel Holding. Landmark Hotel Holding consists of Landmark Hotel, Overseas Chinese Hotel, Landmark International Hotel and one hotel management company, which manages 18 hotels, including eight four-star standard and above ones.
Guangdong CTS Group will reportedly finance by increasing capital and shares and sell a part of its shareholding. The financed income will be mainly be used in the expansion plan of Landmark International, including rebuilding Landmark Hotel as a five-star hotel, opening new hotels and expanding asset scale by management of chain hotels.
In addition, the group will invest in high-end business clubs to raise the influence of its hotel management brand.
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