Shanghai-based Jin Jiang International Hotels is accelerating its overseas expansion plan with the acquisition of USA-based Interstate Hotels & Resorts.
Jin Jiang Hotels announced that its joint venture with Thayer Lodging Group, Hotel Acquisition Company LLC, has signed a merger agreement with Interstate Hotels & Resorts Inc. and Interstate Operating Company. LP and IHR will become a wholly owned subsidiary of HAC.
Under the agreement, HAC would acquire all of the outstanding common stock and operating partnership units of Interstate for USD2.25 per share in an all-cash transaction. At the time the merger becomes effective, HAC shall pay approximately USD75.3 million to acquire all equity interests in Interstate. The transaction is valued at approximately USD307 million.
IHR is a leading hotel real estate investor and is the largest independent hotel management company in the US. It manages or has ownership interests in a total of 232 hospitality properties with more than 46,000 rooms in 37 US states, the District of Columbia, Russia, and other countries.
The transaction is expected to be completed in the first quarter of 2010 and it is understood that Jin Jiang Hotels has gained approval from relevant governmental departments. If the takeover is successful it will be the largest hotel sector merger and acquisition deal in China.
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