Dalian Wanda Group to invest in US hotel management companies

September 11
4:00 AM 2013

Owner of the country's biggest commercial land developer and China's richest man Wang Jianlin had expressed his desire to invest in hotel management companies in the US. In an interview with Bloomberg News held at the World Economic Forum, Wang said he already had hired two investment banks to aid his Dalian Wanda Group with the planned acquisitions. He did not disclose the name of the investment banks nor the hotels he wishes to buy, but Wang wants to expand in 10 major cities including New York and also offshore London.

"It's a slow process. Those companies we liked, they might not be willing to sell. Those willing to be bought, we might sometimes feel the brand isn't as good. For those open to a sale and at the right price, the negotiations can also sometimes be very tough."

Dalian Wanda Group has built 72 shopping centers in mainland China. These properties are called "Wanda Plazas," and are anchored by Wang's office buldings, cinemas and department stores. 

"Wanda is looking at hotels as this is an important business, and hotels are the biggest luxury item globally, even bigger and more expensive than yachts and planes," Wang said. He currently has 40 hotels and plans to build more 5-star hotels at 15 annually. 

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