Supplementary Information of Huazhu Group Limited’s Acquisition of Deutsche Hospitality
November 04 2019 - 10:02AM
Huazhu Group Limited (“Huazhu” or the "Company") today announced
that the Company, through its wholly owned subsidiary China Lodging
Holding Singapore, entered into a share purchase agreement
("Agreement") to acquire all shares in Steigenberger Hotels
Aktiengesellschaft Germany (“Deutsche Hospitality”). Further to the
previous announcement, the share purchase price, taking into
consideration of the base cash, cash balance, net working capital
and other adjustments at closing is estimated to be approximately
€719.9 million. The acquisition is subject to regulatory approvals
and certain other closing conditions, and is expected to close on
or around early next year.
The Joint Venture of Steigenberger Middle East
Hotels and Resorts S.A.E. (“SME”) shall remain unchanged and will
continue to operate and expand the DH brands with its current
partner.
About Huazhu Group
LimitedHuazhu Group Limited is a leading hotel operator
and franchisor. As of September 30, 2019, Huazhu operated 5,151
hotels with 504,414 rooms in operation. Huazhu’s brands include Hi
Inn, Elan Hotel, HanTing Hotel, HanTing Premium Hotel, JI Hotel,
Starway Hotel, Orange Hotel Select, Crystal Orange Hotel, Manxin
Hotels & Resorts, Joya Hotel, and Blossom Hill Hotels &
Resorts. Huazhu also has the rights as master franchisee for
Mercure, Ibis and Ibis Styles, and co-development rights for Grand
Mercure and Novotel, in the pan-China region.
Huazhu’s business mainly includes leased,
manachised and franchised models. Under the lease model, Huazhu
directly operates hotels typically located on leased properties.
Under the manachise model, Huazhu manages manachised hotels through
the on-site hotel managers Huazhu appoints and collects fees from
franchisees. Under the franchise model, Huazhu provides training,
reservations and support services to the franchised hotels, and
collects fees from franchisees but does not appoint on-site hotel
managers. In addition, Huazhu has a limited number of hotels in
owned or partially owned properties. Huazhu applies a consistent
standard and platform across all of its hotels. As of September 30,
2019, Huazhu operates 83 percent of its hotel rooms under manachise
and franchise models.
For more information, please visit Huazhu’s
website: http://ir.huazhu.com.
About Deutsche
Hospitality
Deutsche Hospitality operates 118 hotels and 36
hotels under development in 19 countries in Europe, the Middle East
and Africa. Deutsche Hospitality brings together five separate
hotel brands under a single umbrella. Steigenberger Hotels &
Resorts has 60 hotels housed in historic traditional buildings and
lively city residences and offers health and beauty oases set at
the very heart of nature. MAXX by Steigenberger is a new and
charismatic concept, which places the focus on the essential in
accordance with its motto “MAXXimize your stay”. Jaz in the City
branded hotels reflect metropolitan lifestyle and draw upon the
local music and cultural scene. IntercityHotel offers more 40 upper
mid-range urban hotels, all of which are located within easy
walking distance of railway stations or airports. And Zleep Hotels
– a well-known and successful hotel brand in Scandinavia which
offer service and design at a great rate for the many. Deutsche
Hospitality’s history dates back to 1930 when German entrepreneur
Albert Steigenberger took over his first hotels and built it into a
consortium under the Steigenberger brand. In 2016, the
Steigenberger Hotel Group was renamed Deutsche
Hospitality.
Please visit
https://www.deutschehospitality.com/en for more information.
Safe Harbor Statement Under the U.S. Private
Securities Litigation Reform Act of 1995: The information in this
release contains forward-looking statements which involve risks and
uncertainties. Such factors and risks include our anticipated
growth strategies; our future results of operations and financial
condition; the economic conditions of China; the regulatory
environment in China; our ability to attract and retain customers
and leverage our brands; trends and competition in the lodging
industry; the expected growth of demand for lodging in China; and
other factors and risks detailed in our filings with the U.S.
Securities and Exchange Commission. Any statements contained herein
that are not statements of historical fact may be deemed to be
forward-looking statements, which may be identified by terminology
such as “may,” “should,” “will,” “expect,” “plan,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“forecast,” “project” or “continue,” the negative of such terms or
other comparable terminology. Readers should not rely on
forward-looking statements as predictions of future events or
results.
Huazhu undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, unless required by
applicable law.
Contact InformationHuazhu Investor RelationsTel:
86 (21) 6195 9561Email: ir@huazhu.comhttp://ir.huazhu.com
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