Jin Jiang has completed the acquisition of Radisson Hospitality, as HotelierMiddleEast.com previously reported.
A consortium led by Shanghai's Jin Jiang and SINO-CEE Fund—a private equity fund incorporated in Luxembourg—entered into an agreement with Radisson Hospitality and HNA Sweden Hospitality Management AB to acquire 50.21% of Radisson's shares.
In response to the announcement, John M. Kidd, chief executive officer and chief operating officer for Radisson Hospitality issued the following statement: “This marks yet another incredible milestone in our company’s storied history and one that I’m confident will elevate Radisson Hotel Group to a new level of strength as a global leader in the hospitality industry. When we announced our re-branding earlier this year to Radisson Hotel Group, we shared our vision for the company, which was to be the company of choice for guests, owners and talent."
“We are now owned by one of the leading travel and hospitality companies — the fifth largest hotel company in the world. Additionally, Jin Jiang’s loyalty program encompasses more than 100 million members. This type of size, coupled with the record number of Chinese consumers travelling abroad, provides a number of new opportunities for Radisson Hotel Group. The consortium led by Jin Jiang will work with us to improve and execute our five-year plan, while continuing to deliver outstanding customer and guest service,” he added.