Photo/Shetuwang

Jan. 3 (NBD) -- China's leading hotel management company Huazhu Group Limited (NASDAQ: HTHT) announced Friday the completion of its acquisition of all shares in German luxury hotel company Deutsche Hospitality (DH) for a base cash consideration of about 700 million euros (784 million U.S. dollars). 

The purchase was conducted through Huazhu's wholly-owned subsidiary China Lodging Holding Singapore, and the introduction of DH's brands will enhance the offering of Huazhu in the high-end hotel market. 

Deutsche Hospitality operates 118 hotels and 36 hotels under development in 19 countries in Europe, the Middle East and Africa under five separate brands including Steigenberger Hotels & Resorts, IntercityHotel, and Zleep Hotels. National Business Daily noticed that Steigenberger Grandhotel Belvédère located in Davos, Switzerland traditionally serves as the main venue for the annual World Economic Forum. 

Now, Chinese consumers can book hotel rooms at DH's five brands via Huazhu's official website. 

According to the financial report for the third quarter of 2019, Huazhu operated 5,151 hotels with 504,414 rooms in operation as of September 30, 2019.  

Email: gaohan@nbd.com.cn