China-based short-term accommodation provider ChengHome Apartment closed a $300m series A round today that included Huazhu Hotels Group, the hotel operator that co-founded the company.
Private equity firm Boyu Capital led the round, which also featured serviced accommodation provider The Ascott, private equity firm YF Capital and CCB International, an investment subsidiary of financial services firm China Construction Bank.
ChengHome was co-founded in 2015 by Huazhu, which was formerly known as China Lodging Group, together with venture capital firm IDG Capital.
The company operates a number of brands that offer differing types of short-term accommodation running from a single room for a single day to longer term stays in full apartments, including serviced apartments, guest houses and hotels.
ChengHome’s strategy involves sticking to a small number of major cities, such as Beijing and Shenzhen, and it currently works with a network of about 20,000 listings across some 100 properties, with listings arranged through a smart management system.
The series A proceeds will support technology development, marketing and property development, as the company looks to increase the number of properties it owns, as opposed to leases.
