Carlyle-backed New Century refines Hong Kong plan - report
China’s New Century Hotel Group, a portfolio company of The Carlyle Group, plans to spin off its hotel business as a real estate investment trust (REIT) through a $300 million Hong Kong IPO. It earlier planned to list both the hotel and real estate business.
The IPO is scheduled to take place in the second or third quarter of 2013. Morgan Stanley and Standard Chartered have been hired to manage the listing. In 2011, the hotel group was said to be targeting a $400 IPO.
Based in Hangzhou, New Century Hotel manages nearly 70 properties with around 20,000 rooms in major tourist centers such as Beijing, Shanghai, Hangzhou, Chengdu and Kunming. It wants to expand its network to 123 hotels by the end of 2015 in order to capitalize on the growing demand for travel services in China.
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