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7 Days acquires hotel assets from Hunan Huatian Great Hotel

Jul. 5, 2011 (China Knowledge) - 7 Days Group Holdings Ltd<SVN>, a leading economy hotel chain based in China, said it will spend RMB 136 million to acquire entire equities of Hunan Huatian Inn Management Co Ltd from Shenzhen-listed Hunan Huatian Great Hotel Co Ltd<000428>.

Upon the completion of the acquisition, 7 Days will add 21 hotels scattering in 12 Chinese cities, including Changsha of Hunan Province, Wuhan of Hubei Province and Zhengzhou of Henan Province, with 2,682 guest rooms in total.

A senior officer of 7 Days said the company will redecorate these hotels to attract more customers.

In 2010, Hunan Huatian Inn Management earned RMB 6.06 million in net profit and RMB 18.69 million in operating revenue, and the firm had RMB 41.96 million in net asset and RMB 387 million in total assets at the end of last year.

U.S.-listed 7 Days, which added 51 hotels in the first quarter of this year, expects to open 290 hotels in 2011, sources reported.

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