(Yicai Global) Jan. 3 -- China's Huazhu Group, the firm behind Grand Mercure and Hanting hotels, has completed its acquisition of Deutsche Hospitality, the nearly 90-year old owner of Steigenberger Hotels & Resorts and Jaz in the City design hotels, by paying EUR719.9 million (USD804.2 million). Its shares rose. 

Huazhu's stock price [NASDAQ: HTHT] jumped 3.57 percent to USD41.50 yesterday, hovering around its eight-month peak.

Huazhu's unit closed the deal by buying all of Deutsche Hospitality's shares, the Shanghai-based parent said in a statement yesterday.

China Lodging Holdings HK penned a three-year EUR440 million term facility and USD500 million revolving credit facility agreement with a bank consortium led by JPMorgan Chase Bank to fund the purchase. 

Huazhu and the Frankfurt-based group agreed on the sale in November. 

Editor: Emmi Laine