TEDA Travel Group Acquires Majority Stake in Shanghai Bowking Hotel Management Company
7 New Properties Added to Management Portfolio
HONG KONG, May 18 /Xinhua-PRNewswire/ — TEDA Travel Group, Inc. (OTC Bulletin Board: TTVL), a dynamic and fast growing travel and real estate services company today announced that it has completed the purchase of a 55% interest of Shanghai Bowking Hotel Management Co. Limited (''Bowking''), a leading boutique hotel management company in China. The deal was finalized on April 30, 2005.
Mr. Godfrey Hui, CEO of TEDA Travel Group stated, ‘We're very pleased to have completed this deal in a relatively short amount of time. This speaks directly to the value Bowking management places in being part of TEDA Travel Group, and in our desire to have them join the Group.''
The acquisition of Bowking adds seven high-end hotel properties to the company's property management portfolio, with impressive year-round occupancy rates near 100%.
Mr. Hui continued, ''This acquisition is very important to TEDA Travel Group because it is our first expansion into Shanghai, China's largest and most comprehensive industrial and commercial city. This was a primary consideration for seeking this particular group of hotels.’
Shanghai is currently undergoing one of the fastest economic expansions that the world has ever seen. As one of Asia's leading business cities, and as China's financial district, it was critical for the Group to have a presence in Shanghai.
Expanding the TEDA brand into Shanghai is an important step in our goal of becoming China's largest and best-known full service travel company,’ explained Mr. Hui. ''We are committed to this goal, and will continue to grow through the acquisition of other high quality properties and other travel related companies, concluded Mr. Hui.
About TEDA Travel Group, Inc.
TEDA Travel is a property management company providing services to hotels and resorts throughout China. The company is responsible for the supervision and day-to-day operations of the properties it manages. In addition to its property management division, TEDA Travel also has its own portfolio of real estate investments. Leveraged on its existing core businesses and the brand name ‘TEDA,’ one of most recognized names in China, TEDA Travel intends to become a market leader in the fast growing Chinese travel and real estate services industry.
About Tianjin Economic and Technological Development Area (TEDA)
Tianjin Economic and Technological Development Area (TEDA) is one of earliest approved and best state-level development zones in China. TEDA has now has a developed area of 33 square kilometers (approximately 20 square miles). TEDA is located to the southeast of Tianjin City, about 45 kilometers (27 miles) away from downtown and 140 kilometers (84 miles) from Beijing. TEDA enjoys easy access to North China, Northeast China and Northwest China.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its business model and strategic plans; and the risks described from time to time in the Company's SEC filings.
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SOURCE TEDA Travel Group, Inc.
Source: PR Newswire (May 18, 2005 – 8:03 AM EST)