Home Inns & Hotels Management, Shanghai, announced on Sunday that it bought the eJia Express hotel chain for 59.8 million yuan (US$9.4 million).
With the purchase Home Inns takes full ownership of Anhui Youle Fashion Hotel Management Co. and Anhui Meibang Hotel Management Co. The 13 hotels included in the deal are leased-and-operated and a total of 1,284 rooms. All the hotels are located in China’s Anhui province, nine of which are the city of Hefei. The average remaining lease term for the 13 hotels is approximately eight years. All of the 13 eJia Express hotels will be rebranded to Home Inns.
“We are very excited about the completion of the eJia Express acquisition, which allows us to add 13 strategic hotel locations at a highly attractive valuation in the economically vibrant Anhui Province,” said David Sun, Home Inns CEO.