Ocean Link and Sequoia Capital China completed the acquisition of Zhejiang New Century Hotel Management for $670m.

Ocean Link and Sequoia Capital China, two private equity firms, completed the acquisition of Zhejiang New Century Hotel Management, a hotel management firm, for $670m. The offer is subject to approvals by shareholders and China’s regulators. The private equity firms commit a total of $194m to the offer, with Sequoia China contributing 68% of the fund and the rest comes from Ocean Link.