KEW GREEN BECOMES FIRST OVERSEAS INVESTMENT FOR CHINESE GROUP
Kew Green Hotels, the UK-based group and the largest franchisee of InterContinental Hotels Group's Holiday Inn brand within Europe, has reportedly been acquired by Chinese firm HK CTS Hotels Co for a price believed to be in the region of £400 million. Kew Green currently owns/operates 54 hotels across the UK, 45 of which are Holiday Inn properties. The deal is expected to see Kew Green expand into the European continent, as well as providing access into the rapidly growing Chinese tourist market. The group's new owner, a fully owned subsidiary of the China National Travel Service Corporation, currently operates 50 hotels under four different brands across Hong Kong, Macau and mainland China. This is its first investment outside of China.