China-based boutique hotel operator Atour Hotel has secured $100m in a round co-led by Legend Capital, the corporate venturing arm of conglomerate Legend Holdings, China Travel News has reported.
The round was co-led by Jonathan Lu, formerly the chief executive of e-commerce group Alibaba, and was closed alongside RMB400m ($57.5m) in debt financing from Shanghai Pudong Development Bank, Bank of Communications and China Merchants Bank.
Atour Hotel’s holdings are divided between its eponymous flagship brand, a budget brand called Atour Light and a serviced apartment group, with an additional boutique hotel brand set to be launched. It oversees a network of 90 hotels in China.
Zhou Hongbing, managing director of Legend Capital, said: “We took only two weeks to make up our mind about injecting tens of millions of RMB into AtourHotel,” according to China Money Network.
“AtourHotel started with hotels but has expanded into various sectors,” he added. “It is a lifestyle brand representing quality and sophistication.”
The company previously raised $30m from undisclosed investors in January 2015 at a $161m valuation, two years after it opened its first hotel.
– Photo courtesy of Atour Hotel