SHANGHAI, Jan. 20, 2014 /PRNewswire/ -- Cachet Hotel Group (CHG), announced today the completion of the acquisition of URBN Hotel in Shanghai by CHG's co-founder Robert Roche. The transaction was announced as an all cash buyout for an undisclosed sum.
URBN Hotel is a gold standard for eco-tourism located in the heart of Shanghai where it draws design-focused business and leisure travelers from all over the world. Occupying a converted factory warehouse, URBN uses 100% recycled and locally sourced materials and is China's first carbon neutral hotel.
In a recent statement, CHG's CEO Alexander Mirza indicated, "URBN Hotel has been one of the most awarded hotels in Shanghai, this acquisition presents a great opportunity for CHG to expand on its reputation and ensure we expand this brand throughout China and South East Asia."
Under CHG, the URBN acquisition helps carry out long term strategic development objectives of the brand. URBN Hotel has undergone renovation to their guest rooms under the creative direction of CHG's celebrity fashion designer, Jay Godfrey, and will gradually reopen for business starting January 25, 2014.
Cachet Hotel Group:
Cachet Hotel Group (CHG) is a Hong Kong-based management company established in May 2013. CHG was formed, creating two new hotel brands, r. and Cachet, and taking the URBN brand to the next level. CHG commits to being a company that "cares" with a corporate mission revolving around innovation, luxury and personalization. With numerous projects in the works, CHG is aiming to establish their first outlets in Greater China, Southeast Asia and India.
About Robert W. Roche:
Robert Roche is an entrepreneur and attorney. His almost 30 years of experience, living and doing business in Japan and China, includes the start-up and/or management of over 40 companies as well as numerous philanthropic initiatives and civic contributions around the world.
In 1993 he co-founded Oak Lawn Marketing, now the largest infomercial company in Japan. In 1997, Robert co-founded Acorn International, which has since become the largest TV shopping company in China, and Roche currently serves as the company¹s Executive Chairman.
Mr. Roche was named by President Obama to the Advisory Committee for Trade Policy and Negotiations of the Office of the United States Trade Representative (USTR).
SOURCE Cachet Hotel Group