Type Private Industry Hotel Headquarters China | Traded as ex-NYSE: SVN Website www.7daysinn.cn Founded 2005 | |
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7 Days Group Holdings Limited, (NYSE: SVN), operating as 7 Days Inn (Chinese: 7天酒店; pinyin: Qītiān Jiǔdiàn; Jyutping: Cat1 tin1 zau2 dim3), is a Chinese budget hotel chain. It was established in 2005. It has its headquarters in the Creative Industry Zone in Haizhu District, Guangzhou.
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Overview
7 Days Inn is based in Guangzhou, Guangdong. In 2008, it ranked as China's fifth-biggest hotel chain, with plans to triple their number of locations to 200. Its CEO is Zheng Nanyan.
Investors
In 2006, Warburg Pincus invested US$10 million. In 2007, Merrill Lynch, Deutsche Bank, and Warburg Pincus further invested a combined total of US$95 million. In 2008, Actis Capital led a US$65 million investment in 7 Days Inn, in which Warburg Pincus again participated. Despite losses amounting to ¥209.9 million (US$30.8 million) in 2008 and ¥9.3 million (US$1.4 million) in the first three quarters of 2009, it listed on the New York Stock Exchange in September 2009, issuing 10.1 million American Depositary Shares (representing 20.6% of the company) at US$11/share, raising a total of $111.1 million. CEO Zhang retained a 13.4% stake. 7 Days Inns' failure to turn a profit up to that point meant they were unable to make an offering of A shares in China.
Labour relations
In 2010, forty disgruntled workers held a protest outside 7 Days Inn's office in Shenzhen. The workers in question were employed by a subcontractor performing renovations on 7 Days Inn branches in the city, and alleged non-payment of wages.