SHANGHAI, Jan. 20, 2014 — 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.