Tongcheng Travel (HKG:0780) subsidiary eLong will purchase the entire stake in Wanda Hotel Management (Hong Kong) from Wanda Hotel Development (HKG:0169) for about 2.50 billion yuan.
Upon completion, Wanda Hotel Management (Hong Kong) will become a subsidiary of Tongcheng Travel, according to a Thursday filing with the Hong Kong bourse.
The transaction is seen to help boost Tongcheng's competitiveness in the high-end hotel sector and will fuse the capabilities of both Tongcheng and Wanda, the filing said.
While TongCheng's main business is online travel bookings, it has forayed into hotel services, Yicai Global reported, citing senior tourism analyst Zhao Huanyan.
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