A subsidiary of the Chinese concern Huazhu Group has bought the German Hospitality, the umbrella company of the luxury hotels Steigenberger. This was announced by the two companies. According to the new Chinese owner, the purchase price is 700 million euros.
Huazhu CEO Jenny Zhang said the group will in future be "for European hospitality, German quality and Asian speed". In addition to Steigenberger, the Frankfurt-based Deutsche Hospitality also includes brands such as IntercityHotel and Jaz in the City. A well-known house of the chain is the Frankfurter yard.
Arnulf Hettrich / imago images
Hotel Jaz in the City on the grounds of Stuttgart 21
Steigenberger had already introduced expansion plans some time ago: According to this, the number of houses is expected to rise from the current 118 to 2024 to 250. "The acquisition by Huazhu is in line with this objective," said Steigenberger now. One hopes for an improved competitive position in Europe, the Middle East and the African market.
The group Huazhu listed on the US technology exchange Nasdaq is according to own data the ninth largest hotel company of the world by number of rooms and the number five by market value. It operates more than 5000 hotels in around 400 cities.