HONG KONG-Morgan Stanley is receiving offers for Shanghai Motel Management Co., a Chinese motel chain that could fetch nearly US$1 billion. The company used US$20 million for 20% of the chain and now it controls 59% of Shanghai Motel.
Other shareholders of the chain, including a Chinese innkeeper, have decided to sell their shares. Potential suitors include Home Inns & Hotels Management Inc., private-equity firms and foreign hoteliers. Final bids for the chain, which has 266 motels, are expected within a month. For the full story, go to Wall Street Journal.
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