November 4, 2019 / 10:24 AM / 16 days ago

Chinese hotel operator Huazhu to buy Germany's Deutsche Hospitality for $781 mln

Nov 4 (Reuters) - Chinese hotel operator Huazhu Group Ltd said on Monday it had agreed to acquire Frankfurt-based hotel company Deutsche Hospitality for 700 million euros ($781.06 million) in cash.

Deutsche Hospitality operates nearly 150 hotels in 20 countries and includes brands like the Steigenberger Hotels & Resorts, MAXX by Steigenberger, Jaz in the City, the IntercityHotels and the Zleep Hotels, according to its website.

Huazhu, based in China and listed in New York, operates hotels on leased properties. The new acquisition will add to its more than 5,000 hotels. ($1 = 0.8962 euros) (Reporting by Akshay Balan in Bengaluru; Editing by Arun Koyyur)

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