SHANGHAI, May 6, 2014 /PRNewswire/ -- Home Inns &
Hotels Management Inc. (NASDAQ: HMIN) ("Home Inns Group" or "the
Company"), a leading economy hotel chain operator in China, today announced that it has completed
its previously announced acquisition of Yunshang Siji Hotel
Management Company ("Yunshang Siji"). The acquisition closed
on May 1, 2014, with Home Inns Group
acquiring 100% ownership of Yunshang Siji from Kunming Department
Store (Group) Co., Ltd., a publicly listed company in the domestic
A-share market, for cash purchase price of RMB 230 million, subject to customary
adjustments.
Yunshang Siji operates an economy hotel chain consisting of 27
leased-and-operated hotels and eight franchised-and-managed hotels
(with approximately 3,500 rooms in total) principally located in
Yunnan Province. The transaction is consistent with the
Company's investment and growth strategy to further penetrate key
markets of China. Importantly, it
significantly enhances the value and geographic diversity of the
Home Inns Group portfolio with the addition of a high-quality group
of hotels in the Southwest region of China.
Home Inns Group expects to build on the strong performance and
market presence of these hotels by leveraging its management and
operational expertise and proven ability to integrate and improve
acquired businesses.
About Home Inns Group
Home Inns Group is a leading economy hotel chain in China based on number of hotels and hotel
rooms as well as geographic coverage of the hotel chain. Since the
Company commenced operations in 2002, it has built Home Inns as one
of the best-known economy hotel brands in China. In October of 2011, the Company
acquired Motel 168, another well-known hotel chain in China, as its second economy hotel brand. Home
Inns Group aims to offer a consistent product and high-quality
services to primarily serve the fast growing population of
value-conscious individual business and leisure travelers who
demand clean, comfortable and convenient lodging. The Company's
ADSs, each of which represents two ordinary shares, are currently
trading on the NASDAQ Global Select Market under the symbol "HMIN."
For more information about Home Inns Group, please visit
http://english.homeinns.com.
For investor and media inquiries, please contact:
Johnny Wang
Home Inns & Hotels Management Inc.
Tel: +86-21-3337-3333*3870
Email: johnnywang@homeinns.com
Cara O'Brien
FTI Consulting
Tel: +852-3768-4537
Email: cara.obrien@fticonsulting.com
SOURCE Home Inns & Hotels Management Inc.