HILTON TO TAP ECONOMIC HOTELS WITH RREEF AND H&Q IN CHINA
AsiaInfo Services, June, 2007
AsiaInfo Services 06-27-2007 Hilton to Tap Economic Hotels with RREEF and H&Q in China BEIJING, Jun 27, 2007 (SinoCast via COMTEX) -- RREEF, the largest global real estate investor under the wings of Deutsche Bank AG, and PE company H&Q Asia Pacific together announced on June 25 they would found a joint venture to develop and manage the economic hotel brand of Hilton Hotel Group in China.
They plan to open 25 Hilton Garden Inns in 5 years. The joint venture signed agreements with Hilton Hotel Group to obtain the priority of developing Hilton Garden Inn in Shanghai, Beijing, Tianjin and Changjiang Delta area. Their projects value at about USD 550 million. Their first hotel is planned to open around end-2008 or early-2009. The joint venture will finish...
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