Corporate Travel Management (CTM) said Wednesday it has acquired a majority stake in Lotus Travel Group Limited in Hong Kong, making it the largest travel management company in Hong Kong.
CTM purchased 75.1% of Lotus for $37.4 million. The majority ownership will take effect Oct. 2. Ever Prestige Investments Limited, CTM's partners in Asia, will acquire the remaining percentage of Lotus through CTM Asia.
Lotus has operated for over 60 years in the corporate, business-to-business, wholesale and meetings and incentives markets. It has 400 staff members and offices in Hong Kong and Greater China.
The Lotus acquisition is a continuation of CTM's expansion into Asia.
"Together, we will become a leader in the Greater China market and will be well positioned to enhance our client offering, technology and expertise in this market," CTM managing director Jamie Pherous said in a statement.
Pherous called Lotus "a key part of our Asian business."
CTM, No. 11 on the 2018 Power List, has made a number of acquisitions in recent years and shows no sign of slowing down. Pherous has called acquisitions "a key part of our strategy."