Kingstory enjoys popular support with its 17-year real estate development. At the beginning of 2014, the Group has initiated its firm implementation of the overseas expansion strategy of “being based in Chongqing, developing domestic market and expanding overseas”. On February 18, the Group spent USD 66.00 million purchasing the Santiago Hotel subordinated to the Spanish Barceló Group and achieved the first goal of the merger and acquisition strategy for overseas qualified hotels. As one of the global 25 grand hotel groups, Barceló Group has been the first strategic partner of Kingstory, who will assist the Group in making overseas investment and absorbing international advanced hotel management concepts.  

 

Picture: Liu Qiang (the third from the right), Deputy Mayor of Chongqing, has a cordial talk with Gonzalez (the forth from the right), President of Barceló Group.  

 

Wins the First Battle of Overseas Expansion by Joining Hands with Barceló Group

After a 2-year investigation and exploration, the President and relevant leaders of Kingstory officially signed the Sales Contract of purchasing the Santiago Hotel subordinated to the Spanish Barceló Group with their counterparts of Barceló Group in Chongqing Trading Building on February 18, which marked that Kangde Group won the first battle of overseas expansion by joining hands with Barceló Group.  

 Picture: Liu Qiang (the third from the right), Deputy Mayor of Chongqing, has a cordial talk with Lu Chaokang (the forth from the right), President of Kangde Group.  

 

　As early as the beginning of 2012, Kingstory has put forward that RMB 1.00 billion would be invested in merging and purchasing overseas qualified hotels within 3-5 years in the future. After contacting with many international famous hotel management groups, the Group finally selected the Spanish Barceló Group based on the strategic plan which took ultrahigh-level hotel management concepts as the key points of the cooperation.
　 The Barceló Group known for the accumulating and restrained temperament is one of the 25 grand hotel groups. The purchased Santiago Hotel is located on the Tenerife Island which is among the top five in the ranking of the most beautiful islands in Europe. The climate of the Island is warm and pleasant and the annual tourist reception reaches 5 million person-time.

Picture: Lu Chaokang, President of Kangde Group introduces the situation on the signing of the Contract.  

 

On the signing ceremony, Xu Qiang, Director of Chongqing Foreign Trade and Economic Relations Commission, spoke highly of the overseas expansion strategy of Kingstory. He said that cooperating with international famous hotel management groups and absorbing advanced hotel management concepts would exert significant influence on the development of the hotel industry management in Chongqing.  

 Picture: Lu Chaokang (the first from the right in the front row), President of Kangde Group successfully signs the Contract with Mr. Gonzalez (the first from the left in the front row), President of Barceló Group.  

 

After the signing ceremony, relevant municipal leaders nicely met with Mr. Gonzalez, President of Barceló Group, and his entourage, and gave the high appraisal on the fact that the Group purchased the Santiago Hotel subordinated to the Spanish Barceló Group, and were optimistic about the brand-new cooperation model which improved the Chinese hotel management quality through introducing management concepts of international famous hotels.