SHANGHAI—Cachet Hotel Group (CHG) announced the completion of the acquisition of JIA Shanghai by CHG’s co-founder Robert Roche. The transaction was announced as an all cash buyout for an undisclosed sum.
Set in a 1920’s building in the heart of Shanghai, JIA is a design-lead, luxury boutique that takes its name from the Mandarin word for “home.”
In a recent statement, CHG’s CEO, Alexander Mirza, indicated, “JIA Shanghai is a well-known luxury property located in the heart of Shanghai. Over the coming months, CHG will transform JIA into a Cachet Boutique property that will be known for entertainment, fashion and culinary excellence.
Under CHG, the JIA Shanghai acquisition helps carry out long term strategic development objectives of the Cachet brand. JIA Shanghai will be managed by CHG and undergo renovations to the guestrooms as well as the transformation of the third floor into a destination ultra-lounge. These renovations will be under the direction of CHG’s exclusive celebrity design partner, Jay Godfrey. The renovations will be completed summer 2014 when the hotel will reopen under the name Cachet Boutique.