New Century Hotel Gets Take-Private Offer From PE-Led Group (1)

A consortium led by buyout firms has offered to take Zhejiang New Century Hotel Management Co. private in a deal that would value the hotel chain operator at about HK$5.2 billion ($670 million).

Ocean Link and Sequoia Capital China proposed to pay HK$18.15 in cash for each New Century Hotel’s H-share they don’t already own, the company said in a filingon Wednesday, confirming an earlier Bloomberg News report. The offer represents a 24.7% premium to the last closing price in Hong Kong. The group will also make a cash offer for the hotel operator’s domestic shares.

The private ...