Shiji Group and MCR Announce Agreement on the $46 Million Purchase of StayNTouch
Shiji Group, a global hospitality technology provider, today announces it has reached a definitive agreement to sell StayNTouch to MCR, the fifth-largest hotel owner-operator in the United States, for the purchase price of $46 Million, including potential earnouts. The much anticipated announcement follows months of negotiations between the two parties after the U.S Administration, in March of 2020, ordered Shiji to divest of StayNTouch, a leading cloud hotel property management system and contactless solutions provider.
MCR is based in New York City and Dallas and owns 92 premium-branded hotels containing 15,000 guestrooms, including the TWA Hotel at JFK International Airport, which opened in 2019 and utilizes StayNTouch's Rover PMS.
"StayNTouch is the best property management system on the market," said Tyler Morse, the Chairman and CEO of MCR/MORSE Development. "The StayNTouch organization will remain fully operational with no structural changes to the company. Shiji and the management team at StayNTouch have built an industry-leading company, with innovation at the forefront. We look forward to supporting the continued growth of the company with further investment in product development, technology infrastructure, and market expansion."
StayNTouch serves hundreds of hotel customers across North America, Europe, and Asia Pacific, totaling over 100,000 hotel rooms globally. StayNTouch will operate as a wholly owned subsidiary of MCR and will maintain its Bethesda headquarters which supports the full operations of the company including product research and development, customer support, corporate administration, and strategic business development.
About MCRMCR is the fifth-largest hotel owner-operator in the United States with a $3.0 billion portfolio of 92 premium-branded hotels containing 15,000 guestrooms across 29 states and 76 cities. Founded in 2006 and headquartered in New York City and Dallas, the firm has 3,600 team members across the country and operates hotels under 11 Marriott and Hilton brands. MCR is a recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners, as well as the Hilton Legacy Award for Top Performer. For the TWA Hotel at New York's JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS). MCR is also one of Fast Company's 10 Most Innovative Travel Companies of 2020. For more information, please visit mcrhotels.com.
About Shiji Group
Shiji Group provides software solutions and services for the hospitality, food service, retail and entertainment industries, ranging from hotel management solutions to food and beverage and retail systems, payment gateways, data management, online distribution and more.
Founded in 1998 as a network solutions provider for hotels, Shiji Group today comprises 5,000 employees in 80+ subsidiaries and brands, serving over 91,000 hotels, 200,000 restaurants, and 600,000 retail outlets.
Shiji develops a network of cloud technology platforms that facilitate data exchange by connecting businesses vertically and horizontally across related industries. The importance of cross-industry integration to connect all levels of the supply chain, from guests to distributors and suppliers of all types is a critical part of our mission. Our goal is to facilitate the transition to fully integrated systems for our clients through a network of platforms that communicate securely and easily so our clients can focus on their core competencies of serving their guests.