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The following is the [Travel News]: Chinese hotel chain Atour seeking $2 billion US listing as travel rebounds from [CNBC] recommended by TheTourAttraction.com:
Atour will be competing with China’s domestic hotel chains like Huazhu Group, as well as international hotel operators including Marriott International.
Chinese hotel chain Atour is exploring an initial public offering (IPO) in the US which could value it at USD 2 billion, a person with knowledge of the matter told CNBC.
The listing will likely take place on the New York Stock Exchange and the company is seeking to raise about USD 200 million to USD 300 million, the person said. Atour could file for the IPO “very soon,” said the source.
The Shanghai-headquartered company has various hotel brands at different prices from higher end to more budget offerings. It has opened more than 600 hotels across 170 cities in China, according to its website.
Atour hopes to take advantage of the travel rebound in China after the coronavirus outbreak caused the country to shut down for several weeks in early 2020. With the pandemic largely under control in China, domestic tourism has steadily recovered.
Atour will be competing with China’s own large domestic hotel chains, such a Huazhu Group, which went public in Hong Kong last year, as well as international hotel operators including Marriott International.