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Wenzhou-Based 99-Inn Brings in Financing of USD 75 Million from SIG and Goldman Sachs

wenzhou based 99 inn brings in financing of usd 75 million from SIG and Goldman Sachs

Wenzhou-based 99-Inn has successfully obtained an equity investment of USD 75 million from top investment banks SIG and Goldman Sachs. USD 35 million of the total investment has been in place for the inn chains’ operation.

"On the occasion of our fast development, the financing this round will accelerate our expansion.” Said Zhu Mingming, president of 99-Inn Management Co., Ltd. The financing will not only back 99-Inn with capital, but also help to bring in leading management, innovation and strategy, promote its brand reputation and attract more top talents so as to lay a solid foundation for the company’s development.

As market statistics show, there are more than 300,000 low-end inns including family hotels and guesthouses etc in China. Along with the market upgrading, these inns will undoubtedly be replaced super-budget chain hotels. According to Zhu, if 99-Inn takes up ten percent of the market, more than 30,000 inns will be required. In the near future, they will focus on the domestic market at a stable pace and possibly expand into overseas markets at a proper time.

As told by Mr. Ding, managing director of Goldman Sachs Asia, their investment means 99-Inn’s leading position in the super-budget hotel division is highly recognized, and on the other hand Goldman Sachs is confident about the long-term development of China’s budget hotel industry. In the future, they will provide necessary assistance in 99-Inn’s strategy, management, operation and brand-building etc. In addition, Mr. Gong, managing director of SIG Asia also expresses their willingness to cooperate with more Wenzhou enterprises.

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