TTVL...
TEDA Travel Group Signs Letter of Intent to Acquire Hotel Chain
- PRNewswire -
Acquisition Increases TEDA Travel Groups Holdings to 27 Hotels and 3
HONG KONG, Jan. 19 /Xinhua-PRNewswire/ -- TEDA Travel Group, Inc. (BULLETIN BOARD: TTVL) , announced today it has signed a Letter of Intent to acquire a majority share in Zhongshan Harvey Hotel Management Company (''Harvey''), a hotel and real estate company with properties in the Pearl Delta Region of Guangdong Province, China.
The LOI calls for TEDA Travel Group to acquire a 60% stake in the property management contracts of Harvey's holdings, which includes 5 hotels and 3 commercial properties. Further terms and conditions were not disclosed.
Mr. Godfrey Hui, TEDA Travel Group CEO said, ''Our interest in this deal lies not only in the strong reputation of the Harvey hotels, but also in the strong management team. The team at Harvey brings experience from some of the best-known hotels in China and Hong Kong. It is this expertise which has helped the Harvey brand gain prominence in the Region.''
Mr. Albert Wong, TEDA Travel Group CFO stated, ''27 Hotels and 3 commercial properties is a great way to start 2005. We expect both domestic and international travel to increase sharply throughout China over the next several years. With the 2008 Olympics and 2010 Shanghai World Fair literally right around the corner, expect China's historical annual growth rate of 12 percent to also increase sharply. Combine our aggressive growth expectations with China's anticipated travel growth, and it's easy to see why we've set our sights on becoming a major travel player within China by the end of 2005.''
About TEDA Travel Group
TEDA Travel Group is the only full service Chinese travel and real estate service company public traded on U.S. markets. Currently, TEDA Travel Group is providing management services to hotels and resorts throughout China. In addition to its property management division, TEDA Travel Group also owns the largest Timeshare operation in China as well as a 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 Group intends to become a market leader in the fast growing Chinese travel and real estate services industry.
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.
For more information, please contact:
John Roskelley, President,
First Global Media
Tel: +1-480-902-3110
TEDA Travel Group, Inc.
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