BEIJING, March 28 (Xinhua) -- China's leading hotel firm BTG Hotel Group announced on Tuesday that it has completed business integration after acquiring Homeinns Group and will vie for the high-end hotel market.
After acquisition, BTG Homeinns Hotels Group made its debut and announced new business areas, a sales platform, membership system and company mascot at the press conference held on Tuesday.
BTG Hotel Group spent 11 billion yuan (1.6 billion U.S. dollars) in 2016 taking over Homeinns, one of the largest chain hotel group in China.
In recent years, with the upgrading of domestic consumption structure, China's hotel groups started to flock into the high-end hotel market.
BTG Hotel Group is a leading player in China's high-end hotel market, while Homeinns is competitive in China's economy hotel market. The acquisition will enhance the competitiveness of the two companies in the future hotel market, said Sun Jian, general manager of BTG Homeinns Hotels Group.
The group now has 520 mid-priced and high-end hotels in China and the profits from the two hotel types are expected to account for 32 percent of the group's total in 2020.