Starwood further cuts stake in Jin Jiang Hotel to 4.94%

Published: 28 Jul 2009 20:50:26 PST

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Jul. 29, 2009 (China Knowledge) - Hotel JJ Holdings Ltd, a subsidiary of Starwood Capital Group Global LLC, recently cut its shareholding in Shanghai Jin Jiang International Hotel Group Co Ltd<2006> to 4.94% from the previous 5.29%, according to the bourse operator Hong Kong Exchanges and Clearing<0388>.

Information from HKEx showed that Hotel JJ sold 5 million shares of Jin Jiang Hotel on Jul. 24 for HK$8.7 million. The average share price of the transaction was HK$1.74 apiece.

On Jul. 20, Starwood cut its stake in Jin Jiang Hotel to 5.89% from 6.15%, selling 3.55 million shares of the latter at HK$1.62 each.

Shares of Jin Jiang Hotel, one of China's leading hotel operators and managers, rose 2.17% to end at HK$1.88 on Tuesday.