In February 2017, the Vendors Group led by Carlyle entered into a share purchase agreement to sell all shares in Orange Hotel to China Lodging Group. The transaction has recently been cleared with the Chinese anti-trust authority and thereafter successfully completed in late May.

Carlyle initially acquired the controlling stake in Orange Hotel back in 2012 and has recently decided to sell this investment based on the firm's strategic consideration. After a few rounds of bidding process among several industrial and financial investors, China Lodging Group finally takes over Orange Hotel for a price of RMB3.65 billion.

As the PRC counsel to the Vendors Group and based on our lawyers' rich experience with hotel business in general and familiarity with Orange Hotel in particular, the Han Yi team assisted with several rounds of in-depth legal due diligence exercises by various counsels to potential buyers, drafting and revision of and negotiation support for numerous onshore and offshore transaction documents, and extensive pre-closing support and closing details.