Hong Kong-based Wanda Hotel Development said it would buy Wanda Hotel Management from a unit of its controlling shareholder, Dalian Wanda Commercial Properties, according to Reuters. The price was HK$878 million (US$112.40 million).
Last month, Wanda Hotel Development said it planned to buy assets worth more than US$1 billion from firms controlled by founder Wang Jianlin, including the hotel management arm. It is still in talks with Wanda Culture and Dalian Wanda Commercial regarding terms, Reuters said.
Wanda Hotel Management operates 65 hotels in China and has contracts to operate 13 under construction, including in Malaysia and Turkey.