Jinjiang International buys 81% of Keystone Lodging

Shanghai

JINJIANG International Hotels Development Co bought a controlling stake in the owner of 7 Days Group Holdings Ltd, two years after the economy hotel chain was delisted in New York.

Jinjiang International will pay 8.3 billion yuan (S$1.8 billion) for 81 per cent of Keystone Lodging Holdings Ltd, the owner of Plateno Group. Plateno took 7 Days private in 2013, with funding from Carlyle Group and Sequoia Capital China. The transaction gives Keystone an enterprise value of 10.8 billion yuan, Jinjiang said in a statement to the Shanghai Stock Exchange announcing the deal.