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Steigenberger for over 770 million sold to China – economy

The German hotel group Steigenberger arrives in Chinese hands. Egyptian tourism entrepreneur Hamed El-Chiaty ("Iberotel", "Sol y Mar") sells the Steigenberger roofing company Deutsche Hospitality for 700 million euros (772 million francs) and Chinese hotel operator Huazhu.

Owner on Monday with. Deutsche Hospitality has a total of 118 hotels in 19 countries, including the Steigenberger brand, IntercityHotel, MAXX by Steigenberger, Jaz in the City and the recently acquired Danish chain of drag hotels. 36 additional hotels are in planning or construction. By 2025, Steigenberger will expand to 250 locations.

In Switzerland, the group operates two hotels under the Steigenberger brand in Davos (Belvédère) and Zurich (Bellerive au Lac). In addition, an Intercity hotel will be opened at the Zurich airport in the next year.

The Huazhu listed in the New York Stock Exchange, Nasdaq, still deals with more than 5,000 hotels in 400 cities under 1

8 brands. According to Zimmern, the companies are the ninth-largest hotel operator in the world.

Family retains real estate in Davos

China, ahead of and contributes to the expansion of the international presence », founded the Chinese takeover. Huazhu CEO Jenny Zhang softly, the group was able to stand "for European hospitality, German quality and Asian speed" in the future.

"The legendary brand has an almost 90-year tradition, giving guests from all over the world a perfect balance of tradition and Modern beet », soft Huazhu founder Qi Ji. El-Chiaty, who inherited the 2009 Steigenberger from the heirs, has preserved and further developed the heritage of the family. The hotel property in the center of Frankfurt ("Frankfurter Hof") and at Frankfurt Airport as well as in Davos belong to the family as well. In the past year, Steigenberger raised € 770 million (2017: 724). (red / sda)

Created: 04.11.2019, 13:04 hrs

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