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Home Inns announces acquisition of eJia Express Hotels for $9.4M

Home Inns & Hotels Management announced that it has completed an acquisition of 100% ownership of Anhui Youle Fashion Hotel Management Co., Ltd. and Anhui Meibang Hotel Management Co., Ltd. (collectively "eJia Express") for a total of RMB59.8M (approximately $9.4M in cash). th

Home Inns & Hotels Management Inc, China’s biggest budget hotel operator, is maintaining its sales growth forecast as leisure travel resists the slowdown in Asia’s largest economy.

The Shanghai-based company, which runs almost 1,500 hotels in more than 220 Chinese cities, is sticking with a forecast of 20 percent revenue increase in 2012 as it plans to add 330 to 360 hotels annually in the coming three years. While room occupancy rate at Home Inns has fallen since November by as much as 3 percentage points, the level is still at 90 percent, the CEO said.