7 Days Inn delisted and restructured
- By Xu Lin
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E-mail China.org.cn, July 18, 2013
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The 7 Days Inn [File photo] |
The 7 Days Inn, a Chinese budget hotel chain, has completed its delisting procedure and acquisition by a newly founded hotel group.
As the first Chinese hotel enterprise listed on the New York Stock Exchange, the 7 Days Inn has now completed its delisting procedure. The founding shareholders, He Boquan and Zheng Nanyao, jointly with Carlyle Group and Sequoia Capital, established a new company -- Plateno Hotels Group.
The shares of He, Zheng, Carlyle Group and Sequoia Capital, respectively represent 30 percent, 10 percent, 20 percent and 15 percent in the new company, according to Zheng, the group’s joint chairman.
Zheng added that, in addition to the 7 Days Inn, the group owns another four new hotel brands classified in the middle and upper segments of the market -- the Mini Five-star Portofino Hotel, the Lavande Hotel filled with natural lavender fragrance, the coffee culture-themed James Joyce Coffetel and the Zmax Hotel, which attempts to create a social atmosphere for its customers.
Nowadays, customers are not satisfied with the basic accommodations provided by hotels. They prefer unique products and services that can strike a responsive chord in their hearts, which is the reason behind the four new brands designed, Zheng added.
Liu Xing, the managing director of Sequoia Capital China, is optimistic about the prospects of China’s hotel industry for budget hotels, medium and high-end hotels.
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