China-based economy chain Home Inns and Hotels Management has secured a "definitive agreement" to acquire a 100 per cent interest in Motel 168 International Holdings.
It is expected that the deal will be worth a total of US$470m (£286.4m) and will see Home Inns add 281 properties across 81 Chinese cities to its existing estate.
Motel 168 operated the majority of its portfolio under the flagship Motel 168 brand, while it also has a number of locations trading as Motel 268 or Yotel QQ brands.
Home Inns has confirmed that it intends to retain and operate the Motel 168 brand, as well as developing and expanding the entire portfolio to strengthen its position in China.
David Sun, chief executive officer of Home Inns, said: "We are confident that through this transaction, we will create long term value for our shareholders."
It is expected that the deal will be worth a total of US$470m (£286.4m) and will see Home Inns add 281 properties across 81 Chinese cities to its existing estate.
Motel 168 operated the majority of its portfolio under the flagship Motel 168 brand, while it also has a number of locations trading as Motel 268 or Yotel QQ brands.
Home Inns has confirmed that it intends to retain and operate the Motel 168 brand, as well as developing and expanding the entire portfolio to strengthen its position in China.
David Sun, chief executive officer of Home Inns, said: "We are confident that through this transaction, we will create long term value for our shareholders."