Alibaba Group Holding Ltd has bought a 15 percent stake in hospitality technology provider Beijing Shiji Information Technology Co Ltd for 2.81 billion yuan ($458.66 million), marking its first major investment since raising $25 billion in a record-breaking initial public offering. Shiji provides IT consulting to hotels and sells software that manages room reservations, purchasing and inventory and point of sales systems.It distributes its products to high-end hotels in China, with clients including Grant Hyatt Hotels, Marriott International Inc, Westin Hotels and Resorts and Sofitel Luxury Hotels, according to its website.The deal was disclosed in a regulatory filing Sunday with the Shenzhen Stock Exchange, where Shiji trades publicly.Alibaba could not immediately provide comment. (1 US dollar = 6.1266 Chinese yuan)
Hyatt Hotels Corporation (Hyatt), is a global hospitality company. Shares of H traded higher by 0.43% or $0.26/share to $61.20. In the past year, the shares have traded as low as $42.82 and as high as $64.52. On average, 277305 shares of H exchange hands on a given day and today's volume is recorded at 278894.
Marriott International, Inc. is a diversified hospitality company. Shares of MAR traded higher by 0.28% or $0.2/share to $70.72. In the past year, the shares have traded as low as $41.26 and as high as $73.28. On average, 2055110 shares of MAR exchange hands on a given day and today's volume is recorded at 3139678.
Source
