Chinese hotel chain Atour is planning an initial public offering (IPO) in the U.S. that would value the company at $2 billion U.S.
The American listing will take place on the New York Stock Exchange and the company is seeking to raise about $300 million U.S. Atour is likely to file for the IPO in this year’s third quarter and is hoping to take advantage of the economic reopening and rebound in travel and tourism.
The Shanghai-based company has various hotel brands at different prices from higher end to budget offerings. Atour has opened more than 600 hotels across 170 cities in China. With the pandemic largely under control in China, domestic tourism has steadily recovered this year.
Atour competes with China’s own large domestic hotel chains, such a Huazhu Group, which went public in Hong Kong last year, as well as international hotel operators such as Marriott International (NASDAQ:MAR).
