China?s BTG Hotels Group said it will acquire domestic rival Homeinns Hotel Group for around 11 billion yuan (US$1.7 billion), saying that the economy hotel chain will round out its portfolio of brands.
China?s hotel industry is consolidating amid fierce competition and a slowing economy. Homeinns, which owns 2,787 outlets under five brands, posted a 57 percent drop in net profit in the first nine months of the year.
China?s Homeinns group acquired
