SHANGHAI, Nov. 4 (Xinhua) -- Shanghai-headquartered hotel operator Huazhu announced Monday the signing of a 100-percent share acquisition agreement to take over the German luxury hotel company Deutsche Hospitality (DH).
The purchase was made through Huazhu's wholly-owned subsidiary China Lodging Holding Singapore.
With a nearly 90-year history, DH owns 118 hotels worldwide under its five brands, including the luxury brand Steigenberger, whose Swiss subbranch in Davos is the main meeting place and one of the major designated host hotels for the annual World Economic Forum.
Bringing DH's international hotel brands into the Chinese market will further enrich Huazhu's high-end product line and provide better services for Chinese travelers, said Ji Qi, founder and executive chairman of Huazhu.
Huazhu is one of China's biggest multi-brand hotel chain management groups. It made an investment in French hotel group AccorHotels in 2015.