TEDA Travel Group, Inc., announced today it has completed its acquisition
of a 60% share in Landmark Hotel International Group Ltd. TEDA Travel Group CEO, Mr. Godfrey Hui said, ‘‘We are glad that we have
closed the deal with Landmark. The acquisition adds 13 hotels to our
portfolio, which is higher than the 11 hotels announced earlier. Both
companies are growing rapidly. The completion of the Landmark acquisition
increases the number of hotels managed by TEDA Travel Group from 3 to 16.’’
TEDA Travel Group CFO, Mr. Albert Wong said, ‘‘This acquisition will add
about USD$250,000 to the bottom line. We expect Landmark to continue its
exceptional performance and hope to further enhance our brand through
The Agreement calls for TEDA Travel Group to acquire a 60% equity interest
in Landmark where it holds all its current management contracts. Landmark
also guarantees profitability of the venture for the years 2005-2007.
Failing this, the consideration payable to the acquiree can fall to zero.
Landmark executives, under the leadership of Mr. Philip Chi Ming Cheung,
have successfully managed more than 20 similar hotel projects since the
year 2000, and have established a well-known, well-managed high-end brand
in China. Landmark has concentrated its primary efforts on both
pre-operating planning, and efficient management.
Chinese customers are very sophisticated and brand conscious, therefore
developing a recognized brand is an important consideration for any hotel
chain to reap the rewards of increasing business and leisure travels.