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Wanda Hotel Development has agreed to divest its hotel management unit to Tongcheng Travel for 2.5bn yuan ($342m).
Wanda Hotel Management’s business is focused on hotel management, design, and construction. It handles a portfolio of nine hotel brands, ranging from luxury to midscale.
As of 31 December 2024, Wanda Hotel Management had 204 hotels with more than 40,200 rooms. Another 376 hotels were under contract but not yet open.
The unit reported $122m in 2024 revenue and accounted…
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