Huazhu, Chinese giant in the hotel industry, acquires its German competitor Deutsche Hospitaly, which hosts the Steigenberger brand.
By Luxus Plus
The operation amounts to 700 million euros to take over the entire brand. The German group, founded 90 years ago, has announced its intention to grow internationally by targeting 205 hotels worldwide by 2024, 118 have been created to date.
The Deutsche Hospitality Group, headquartered in Frankfurt, operates the Frankfurt “Frankfurter Hof” hotel under the brand name Steigenberger, as well as the IntercityHotel and Jaz in the city brands.
Founded in 2005, the Huazhu hotel group claims 9th place in the world in terms of number of rooms.
The group owns 5000 hotels in 400 cities. This operation, which raised fears of looting of “made in Germany” technologies, led Berlin to acquire a right of veto over acquisitions by foreign companies.
Chinese industry in Europe, and more particularly in Germany, targets various sectors and raises resistance, particularly in 2016 after the acquisition of a German flagship, Kuka, by the Chinese midea group.