China’s Huatchou Group announced, for its purchase of Steigenberger hotels of Travco, Owned by Egyptian businessman Hamed El-Sheety. Which is one of the most famous German luxury chains.
According to the group’s statement, Huatchou will pay, It is already the fifth largest hotel group in the world by market value, 700 million euros ($781 million) in cash to buy Deutsche Hospitality, The mother company of Steigenberger.
It is managed by Huatchou. headquartered in China and listed on the New York Stock Exchange, Hotels using the franchise model and rental properties, It opens a thousand hotels annually. The acquisition will add to it more than five thousand hotels.
Deutsche Hospitality operates 118 hotels and has 36 hotels under construction. With a focus on Europe. It plans to increase the number of its hotels to 250 by 2024.
Huatchou buys Deutsche Hospitality from Travco Tourism Group, owned by the Egyptian businessman. which she bought from the Steigenberger family in 2009. Shetty will remain an investor in a joint venture in the Middle East.