Cross-border Mergers and Acquisitions: Wanda acquired

Published:2014-09-24    Source:HICG

Wanda Group announced it has purchased the famous Jewel project in Australia's Gold Coast. As Jewel's absolute controlling shareholder, Wanda will jointly develop the project with its original owners. The company plans to invest USD900 million to build a luxury five-star Wanda Vista hotel and serviced apartments. The Jewel is Wanda's fifth overseas hotel project announcement. The Jewel project is the fifth Five Star hotel invested by Wanda abroad sequent to London, Chicago, Los Angela and Madrid.

The Gold Coast is situated in Australia's Queensland State and is one of the world's top ten tourist destinations. 21.7 million tourists visited the city in 2013, with 415,000 of them coming from China, growing 24% year-on-year. The Jewel development is located at Surfers Paradise, a celebrated heart of the Gold Coast. It is the city's only five-star hotel and apartment project approved to be built on the beachfront. With a planned gross floor area of 146,000 square meters, the project will comprise three towers, one of which will be a five-star hotel, while the other two will house serviced apartments.

For the last few years, Wanda Group has accelerated its penetration into the foreign market. Mr. Jianlin Wang, the chairman, expressed his ideas about developing Wanda into the leading international Hotel Chain in five years. At the moment, Wanda Group is actively seeking for investment opportunities worldwide. WandaVista, the hotel brand of Wanda Group, is expanding its business development globally. By 2020, Wanda would have built Wandavista hotels in 15 major international metropolitans. 

The latest Cross-border investment of Wanda Group

1.In June 2013, Wanda announced it would invest 1.02 billion GBP in the UK. 70% of the investment would be allocated on the Five Star Hotel in the core area of London.

2.In June 2014, Wanda acquired the landmark in Madrid, Edificio España with 265 million EUR.

3.In July 2014, Wanda announced to pay 900 million USD in Chicago to build an 89-storey hotel and serviced department project.

4.On 7th August 2014, Wanda Group bade a development project in Beverly Hill, LA. It will invest 1.2 billion USD on the project and construct a high-end business complex.

5.11th August 2014, Wanda Group acquired the Jewel Project with 900 million USD.