Shanghai travel company, Jin Jiang International Holdings Co., has bought Paris-based Louvre Hotels Group for a reported €1.2 billion. The deal, set to add 1,100 hotels, with more than 90,000 rooms, across 40 countries to Jin Jiang’s portfolio, is expected to take place during the first quarter of 2015 upon government approval in China. Louvre and Jin Jiang already have an established relationship following a commercial partnership in 2011 which saw them introduce a co-branding programme to selected hotels in China and France. Chairman of Jin Jiang International Holding Co., Yu Minliang, commented, “As a strategic investor, we are pleased, on the basis of close partnership over the past years, to reach consensus with Starwood Capital Group. There is strong complementary synergy between Louvre Hotel and Jin Jiang in brand portfolio, geographic footprint and guest base. We are looking forward to working with the management, employees and other stakeholders of Louvre Hotel Group so as to create larger space for both parties to grow globally.”
HVS EMEA HOSPITALITY NEWSLETTER.