Product development expenses accounted for 42% of net revenue in 2020.
Rosewood’s SPAC listing could aim to raise about $400 million.
Travel agency air bookings fell by 81.5%.
Restructuring will wipe out equity stakes apparently now held by two shadowy charities, co-founder Chen Feng and other executives, but ownership has always been opaque.
Full-year RevPAR was down 52.5 percent and the recovery in Greater China was most advanced with Q4 RevPAR of -18.2 percent.
The company will remain focused on building direct, durable customer relationships to effectively convert Tripadvisor’s influence into monetization.
Minor Hotels has over 530 hotels in 56 countries, but only two hotels operating in mainland China targeting the upscale segment.
After this transaction, Accor still owns a 3.3% stake in Huazhu and continues to be represented at the Group’s Board of Directors.
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