Atour will be competing with China’s domestic hotel chains like Huazhu Group, as well as international hotel operators including Marriott International.
Some bidders could team up for an investment, and the structure of any potential transaction hasn’t been finalized.
As of last year, Huazhu still held USD 897 million worth of investments in companies including Accor (USD 593 million) and OYO (USD 10 million).
The company is taking further cost reduction and cash flow measures in Europe.
Chairman laid out a four-pillar strategy for the company's future growth.
The company was backed by Legend Capital and Alibaba’s former CEO Mr. Zhaoxi Lu in previous funding round.
RevPAR was RMB 124 for the fourth quarter in 2020, down by 3.2% year-over-year but up by 4.1% quarter-over-quarter.
Alibaba acquired 13 percent of Shiji IT's shares for RMB 2.4 billion (USD 370 million) in 2014 to become its second-largest shareholder.
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