Major Chinese private equity firm Hony Capital has reportedly agreed to buy a stake in Shanghai Jin Jiang International Hotels Development, for CNY15bn ($2.4bn).
Hony will buy 100 million shares in Shanghai Jin Jiang at 15.08 yuan a share giving it a 12.43 per cent stake in the hotel operator, according to a statement issued by the company.
The deal makes Hony the biggest institutional investor in the hotel company, according to Reuters.
In July Hony agreed a £900m deal to buy the parent business of UK restaurant chain Pizza Express from fellow buyout house Cinven.
Copyright © 2014 AltAssets