China’s state-owned BTG Hotels (Group) Co., Ltd. announced on Monday that it has acquired the famous economy hotel chain Homeinns Hotel Group in a deal of around 1.7 billion USD.

NASDAQ-listed Homeinns, which is based in Shanghai, operates China’s largest budget hotel chain. After the deal, Homeinns will be a wholly owned subsidiary of Shanghai-listed BTG Hotels and will be de-listed from NASDAQ. Homeinns owns five brands and operates more than 2,700 hotels all over China.

The Homeinns acquisition will complement existing BTG Hotels’ brands, including BTG-Jianguo Hotels and Resorts, BTG-Jinglun Hotels, Shindom Inn. According to the BTG Hotels, BTG plans to build over 3,000 hotels at different price points in over 300 cities across China after the acquisition.