7 Days Inn

Not to be confused with Days Inn.
7 Days Group Holdings Limited
Private
Traded as ex-NYSE: SVN
Industry Hotel
Founded 2005
Headquarters Guangzhou, Guangdong, China
Website www.7daysinn.cn
7 Days Group Holdings Limited
Traditional Chinese 7天連鎖酒店集團
Simplified Chinese 7天连锁酒店集团

7 Days Group Holdings Limited,[1] (NYSE: SVN), operating as 7 Days Inn (Chinese: 7天酒店; pinyin: Qītiān Jiǔdiàn; Jyutping: Cat1 tin1 zau2 dim3), is a Chinese budget hotel chain. It was established in 2005.[2] It has its headquarters in the Creative Industry Zone[note 1] in Haizhu District, Guangzhou.[3][4]

Overview

A 7 Days Inn at Tongjiang Street, Daoli District, Harbin

7 Days Inn is based in Guangzhou, Guangdong. In 2008, it ranked as China's fifth-biggest hotel chain, with plans to triple their number of locations to 200.[5] Its CEO is Zheng Nanyan[note 2].[6]

Investors

In 2006, Warburg Pincus invested US$10 million. In 2007, Merrill Lynch, Deutsche Bank, and Warburg Pincus further invested a combined total of US$95 million.[2] In 2008, Actis Capital led a US$65 million investment in 7 Days Inn, in which Warburg Pincus again participated.[5] Despite losses amounting to ¥209.9 million (US$30.8 million) in 2008 and ¥9.3 million (US$1.4 million) in the first three quarters of 2009, it listed on the New York Stock Exchange in September 2009, issuing 10.1 million American Depositary Shares (representing 20.6% of the company) at US$11/share, raising a total of $111.1 million. CEO Zhang retained a 13.4% stake. 7 Days Inns' failure to turn a profit up to that point meant they were unable to make an offering of A shares in China.[6]

Labour relations

In 2010, forty disgruntled workers held a protest outside 7 Days Inn's office in Shenzhen. The workers in question were employed by a subcontractor performing renovations on 7 Days Inn branches in the city, and alleged non-payment of wages.[7]

Notes

  1. ↑ 创意园; 創意園; Chuàngyìyuán; cong3 ji3 jyun4
  2. ↑ 郑南雁; 鄭南雁; Zhèng Nányàn

References

  1. ↑ "About." 7 Days Inn. Retrieved on October 24, 2012.
  2. 1 2 "China's 7 Days Inn gets $95 mln from three foreign investors", MarketWatch, 2007-09-05, retrieved 2011-05-01
  3. ↑ "Company Profile." 7 Days Inn. Retrieved on October 24, 2012. "5C-11 Creative Industry Zone, 397 XinGangZhong Road, Guangzhou, Guangdong 510310, People’s Republic of China"
  4. ↑ "about_building.html." (Select the "联系方式" tab) 7 Days Inn. Retrieved on October 24, 2012. "【总部】广州市海珠区新港中路397号TIT创意园5C大道11号"
  5. 1 2 "UK's Actis leads $65 mln invest in China's 7 Days", Forbes, 2008-10-16, retrieved 2011-05-01
  6. 1 2 Liu, Weixun (刘伟勋 Liú Wěixūn) (2009-11-23), 亏损仍获投资者认可 7天酒店纽交所上市, The Economic Observer (in Chinese), retrieved 2011-05-01
  7. ↑ 七天酒店总部外聚集数十讨薪人, Xinmin Evening News (in Chinese), 2010-02-12, retrieved 2011-05-01

External links

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