Hoteliers Look to China | The Wall Street Journal
As signs emerge that travelers are feeling squeezed by the global credit crisis, China appears to be a bright spot. At least two global hotel chains have said they intend to expand in China, even as hoteliers feel the strain elsewhere. Actis, a private-equity investor in emerging markets, Thursday pumped $65 million into the 7 Days Inn Group, a Guangzhou-based budget-hotel operator. Warburg Pincus, another private-equity firm, is co-investing in this deal but didn't disclose details. "We think the economic fundamentals are still very strong" in China, said Lim Meng Ann, head of Actis for China. "We are bullish about [China's] budget [hotel] industry whether in good times or bad. We don't time the market," he said.
