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Steigenberger for about 770 million sold to China

The German hotel group Steigenberger comes up in Chinese hands. The Egyptian tourism entrepreneur Hamed El Chiaty ("Iberotel", "Sol y Mar") sold the Steigenberger roof company's German Hospitality for 700 million euros (772 million Swiss francs), to the Chinese hotel operator Huazhu.

the new owner said on Monday. The German Hospitality 118 Hotels in 19 countries under the brands Steigenberger, inter city hotel, MAXX by Steigenberger, Jaz in the City, and just last year acquired Danish chain Zleep Hotels include a total of. 36 other Hotels are in planning or under construction. By 2025, the Steigenberger is looking to expand to 250 locations.

In Switzerland, the group operates two Hotels under the brand name Steigenberger in Davos (Belvédère) and Zurich (Bellerive au Lac). Also to be opened at Zurich airport in the next year, the Intercity Hotel.

on the New York stock exchange, Nasdaq listed Huazhu operates more than 5,000 Hotels in 400 cities under the age of 18 brands. After rooms, the companies of the nine largest hotel operator in the world.

family retains property in Davos

"The Acquisition of the German Hospitality accelerated Huazhus growth strategy, is pushing ahead with sales growth in the Upscale and luxury segments in Asia, including China, and contributes to the Expansion of our international presence," reasoned the Chinese Takeover. Huazhu group chief Jenny Zhang said the group will in the future "for European hospitality, quality German and Asian speed".

"The legendary brand has an almost 90-year-old Tradition, the guests from all over the world offers a perfect Balance of Tradition and Modernity," said Huazhu founder of Qi Ji. El-Chiaty, who took over in 2009, Steigenberger of the heirs, have preserved the heritage of the family and further developed. The Hotel real estate in the centre of Frankfurt ("Frankfurter Hof") and at the Frankfurt airport, as well as in Davos remain members of the family. In the past year, Steigenberger 770 (2017: 724) put million euros. (red/sda)

Created: 04.11.2019, 13:04 PM

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