Core Viewpoint - Tongcheng Travel has completed the acquisition of 100% equity in Wanda Hotel Management (Hong Kong) Co., Ltd. for a transaction price of 2.49 billion yuan, marking a significant expansion into the high-end hotel market and achieving full-category coverage from economy to luxury hotels [2][4] Group 1: Acquisition Details - The acquisition price of 2.49 billion yuan corresponds to a valuation of 9.5 times the adjusted EBITDA for Wanda Hotel Management in 2023, which is lower than competitors like Huazhu (10.5 times) and Atour (19.8 times) [2] - Wanda Hotel Management operates as a light-asset management entity with a portfolio that includes nine brands such as Wanda Reign (luxury) and Wanda Vista (premium), with 222 hotels in operation and over 40,000 rooms as of June 2025 [2] - The acquisition allows Tongcheng Travel to leverage Wanda's established high-end brand matrix and management experience to quickly enter the high-end market, while also providing digital empowerment to Wanda through Tongcheng's online traffic operation capabilities [2][4] Group 2: Market Context and Strategic Implications - The acquisition is seen as a strategic move for Tongcheng Travel to respond to the OTA industry's shift from price competition to quality competition, aligning with the growing demand for high-end hotels in second- and third-tier cities due to consumer upgrades [3] - The partnership is expected to enhance both companies' capabilities, with Wanda's management expertise complementing Tongcheng's digital insights, thereby creating a more robust hotel management ecosystem [4][6] - Tongcheng Travel plans to maintain the independent development of the Wanda hotel brand while fostering innovation in hotel management to tap into the growth potential of the domestic hotel market [6]
同程旅行全资收购万达酒管，CEO马和平发信欢迎新团队