Tongcheng Travel (HKG:0780) subsidiary eLong will purchase the entire stake in Wanda Hotel Management (Hong Kong) from Wanda Hotel Development (HKG:0169) for about 2.50 billion yuan.
Upon completion, Wanda Hotel Management (Hong Kong) will become a subsidiary of Tongcheng Travel, according to a Thursday filing with the Hong Kong bourse.
The transaction is seen to help boost Tongcheng's competitiveness in the high-end hotel sector and will fuse the capabilities of both Tongcheng and Wanda, the filing said.
While TongCheng's main business is online travel bookings, it has forayed into hotel services, Yicai Global reported, citing senior tourism analyst Zhao Huanyan.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.