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GreenTree Hospitality Group recently announced that it has entered into a Strategic Cooperation and Investment Agreement with the Urban Hotel Group, an owner and operator of hotels and cafes in China. Ms. Yihan Chen, the Founder and CEO, and her management team will continue to lead the Urban Hotel Group. This transaction is subject to customary closing conditions and is expected to be completed in the second half of 2019. The Urban Hotel Group consists of nine distinct brands including Han Hotel, Urban Garden Hotel, City 118 Selected, City 118, Youth Mini Hotel, My Zone Hotel, City Mini Selected, Monochrome and Unistar Group, as well as My Zone Coffee, a café chain. Strategically, the Urban Hotel Group's strong brand portfolio and geographic coverage in China are highly complementary to GreenTree's business and expansion plans. The number of hotels and the number of hotel rooms within the scope of this cooperative investment transaction is more than 600 and 31,000, respectively. |
