Club Med has become partially Chinese
(Hotel Chains News)
French hotel operator Club Med has sold a part of shares to the Chinese financial conglomerate Fosun. Club Med, which specializes in tourist and hotel services on an all-inclusive principle, sold 7% of shares to Fosun for slightly more than 23 million euros.
This transaction is seen by majority of specialists and analysts of financial flows in the hotel market as a clear signal of intent of Club Med to more representativeness of its services in China. It should be noted that Club Med doesn’t hide its desire to work more actively in China and that sale of shares is a strategic step. Currently, Club Med is looking for partners in new markets. China is among the priorities of the company. Club Med would be interested in promoting their services and the construction of new hotels for an already formed class of Chinese middle class clients.
On average, from more than 1. 200 thousand guests last year in hotels of Club Med stopped about 30 000 citizens of the Republic of China. Club Med plans to make China the second major market for the company after France. Club Med's strategy includes an increase in the number of tourists in hotels of the company to 200 000 per year by 2015. This will be possible thanks to the construction in China five resorts - tourist villages of Club Med. Collaboration with Fosun promises to create for Club Med a reliable partner who understands the nuances of the Chinese market of construction and tourism.
Today, Club Med is one of the first hotel companies of France that was able to show positive results of its activities. Thus, the first half of 2010 was profitable for the Club Med, which is still not shared by most hotel companies in France. Net profit for the first half of 2010 is amounted to approximately 3.6 million euros. During similar period last year Club Med lost 22 million, reports AFP.
Date: 15/06/2010
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