Tishman Speyer has agreed to acquire a majority stake in the 296-key Holiday Inn Express Shanghai Wujiaochang, located in northeastern Shanghai’s Yangpu district, according to a stock exchange filing.
The seller was EverChina International Holdings.
The sales price is estimated to be $50.4 million.
A Tishman vehicle will retain 75 percent while EverChina holds the remining 25 percent.
