Chinese hotel chain operator Home Inns & Hotels Management has completed the acquisition of a 100% ownership interest in Motel 168 International Holdings for $470m.
The company entered a definitive share purchase agreement in May 2011 to acquire Motel 168.
Home Inns said that by the end of September 2011 it had achieved a growth milestone of opening over 1,000 hotels, separate from the acquisition of Motel 168.
As of 30 September 2011, Home Inns has 1,004 hotels in operation under the Home Inn and Yitel brands, while Motel 168 has 295 hotel locations in operation.
Home Inns expects the acquisition to result in CNY355m to CNY375m of additional revenue in 2011 after the acquisition closes.