New York-based investment firm Aetos Capital Real Estate is preparing a sale of its controlling stake in the Super 8 budget hotel chain in China, which could command as much as $250 million.
Bloomberg is reporting that Aetos will soon choose advisers to manage the sale and could start reaching out to potential buyers early next year. The company has a majority interest in the Chinese operations of the Super 8 hotel brand, which is owned by Wyndham Worldwide Corp.
Aetos Capital agreed in 2007 to invest as much as $50 million in Tian Rui Hotel Corp., the master franchisor of the Super 8 brand in China. Super 8 currently operates almost 1,000 hotels in China.
Jinjiang said in September it will pay 8.3 billion yuan for a majority stake in the owner of the 7 Days Group Holdings Ltd. economy hotel chain. BTG Hotel Group Co., based in Beijing, agreed Monday to acquire control of Nasdaq-listed Homeinns Hotel Group for about $1.2 billion, data compiled by Bloomberg show.