Home Inns closes in on Shanghai Motel
Home Inns & Hotels Management, China’s largest budget hotel chain, has emerged as the front runner to purchase Shanghai Motel Management from a consortium of investors led by Morgan Stanley. The cash-and-stock deal is slated to be worth around $500 million, half the amount forecast when the company was put up for sale in February, according to the Wall Street Journal.
Shanghai Motel Management, which owns the Motel 168 chain, is China's fifth-largest motel chain by number of rooms. Morgan Stanley bought a 20% stake in the company for $20 million in 2006 via one of its...
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