7 Days Inn
Chinese hotel chain
From Wikipedia, the free encyclopedia
7 Days Group Holdings Limited,[1] operating as 7 Days Inn (Chinese: 7天酒店; pinyin: Qītiān Jiǔdiàn; Jyutping: Cat1tin1 Zau2dim3), is a Chinese budget hotel chain. It was established in 2005.[2] It has its headquarters in the Creative Industry Zone[3] in Haizhu District, Guangzhou.[4][5]
| 7 Days Group Holdings Limited | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Traditional Chinese | 7天連鎖酒店集團 | ||||||||||
| Simplified Chinese | 7天连锁酒店集团 | ||||||||||
| |||||||||||
History
7 Days Inn was established in 2005. Guangzhou was the location of the company's founding.[6]
In 2006, Warburg Pincus invested US$10 million. In 2007, Merrill Lynch, Deutsche Bank, and Warburg Pincus further invested a combined total of US$95 million.[2] In 2008, Actis Capital led a US$65 million investment in 7 Days Inn, in which Warburg Pincus again participated.[7] Despite losses amounting to ¥209.9 million (US$30.8 million) in 2008 and ¥9.3 million (US$1.4 million) in the first three quarters of 2009, it listed on the New York Stock Exchange in September 2009, issuing 10.1 million American Depositary Shares (representing 20.6% of the company) at US$11/share, raising a total of $111.1 million. CEO Zhang retained a 13.4% stake. 7 Days Inns' failure to turn a profit up to that point meant they were unable to make an offering of A shares in China.[8]
In July 2013, the founders of 7 Days Inn, Mr. Boquan He, Mr. Nanyan Zheng, Mr. Chien Lee, Ms. Qiong Zhang together with Carlyle Group and Sequoia Capital took 7 Days Inn private for US$688 million and 7 Days Inn became the Plateno Hotels Group;[9] this meant 7 Days Inn was no longer listed on the New York Stock Exchange.[6]
In 2015 Jinjiang Hotels bought 81% of Keystone Lodging, the holding company of Plateno Hotels, now the parent company of 7 Days Inn, for 8.3 billion renminbi (US$1.3 billion),[10] which meant it now controlled 7 Days Inn.[11]
Overview
7 Days Inn is based in Guangzhou, Guangdong China and founded in 2005, the hotel chain has grown from 5 hotels in 2 cities in 2005 to 283 hotels in 41 cities when it listed on the New York Stock Exchange in September 2009,[12] As of 2009 its CEO is Zheng Nanyan.[13][8] By the end of 2014, 7 days Inn had 2000 hotels in 320 cities and became one of the largest budget hotel chain in China.[14] 7 Days Inn is a sponsor of the French football club OGC Nice.[15]
