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Alibaba pays $459 million for stake in Chinese hotel tech company

Reuters

BEIJING (Reuters) - Alibaba Group Holding Ltd (BABA.N) has bought a 15 percent stake in hospitality technology provider Beijing Shiji Information Technology Co Ltd for 2.81 billion yuan ($458.66 million), marking its first major investment since raising $25 billion in a record-breaking initial public offering.

Shiji provides IT consulting to hotels and sells software that manages room reservations, purchasing and inventory and point of sales systems.

It distributes its products to high-end hotels in China, with clients including Grant Hyatt Hotels (H.N), Marriott International Inc (VAC.N), Westin Hotels and Resorts and Sofitel Luxury Hotels, according to its website.

The deal was disclosed in a regulatory filing Sunday with the Shenzhen Stock Exchange, where Shiji trades publicly.

Alibaba could not immediately provide comment.

(1 US dollar = 6.1266 Chinese yuan)

(Reporting by Gerry Shih and Matthew Miller, editing by William Hardy)