China-based travel service provider Ctrip.com International has increased its equity interest in economy hotel chain Home Inns & Hotels Management.
The US$50 million acquisition of 7,514,503 ordinary shares raises Ctrip’s stake in Home Inns from 9.64% to 18.25%, making it the single largest shareholder.
Completing on the terms originally announced on May 7, the deal saw a Gregory Puff-led Shearman & Sterling team advise the purchaser.
Meanwhile, Home Inns turned to two firms that had helped it with its IPO in October 2006. Hong Kong-based corporate partner David Zhang followed up his work on the IPO by leading the Latham & Watkins team, which once again worked alongside Maples & Calder.
Ctrip.com is a travel service provider for hotel accommodations, airline tickets and packaged tours in China.