Huazhu Group Limited and TPG Capital, L.P. entered into a share purchase agreement to acquire Novotel Beijing Sanyuan and Ibis Beijing Sanyuan hotels in Beijing for approximately CNY 1.2 billion.

Huazhu Group Limited (NasdaqGS:HTHT) and TPG Capital, L.P. entered into a share purchase agreement to acquire Novotel Beijing Sanyuan and Ibis Beijing Sanyuan hotels in Beijing for approximately CNY 1.2 billion on January 29, 2018. Post-closing, the Joint Venture will renovate the hotels and Huazhu will continue to serve as operator. The transaction is subject to customary post-closing adjustments.

The acquisition is subject to regulatory approvals and is expected to close in the first half of 2018. UBS acted as financial advisor to TPG. The deal is expected to enhance Huazhu Group's upscale brands and generate strong returns on invested capital.

Huazhu Group does not expect this transaction to have any significant impact on its revenue and profit in 2018.