Shanghai Jin Jiang International Holdings Co. Ltd. has agreed to buy France’s Louvre Hotels Group, Europe’s second-largest hotel operator.
Louvre Hotels, owned by Starwood Capital Group, fetched more than 1.2 billion euros (US$1.49 billion), the Wall Street Journal reported, citing unnamed sources.
The French group has more than 1,100 luxury and budget hotels in 47 countries. Its brands include Kyriad, Campanile and Royal Tulip. Shanghai Jin Jiang, one of China’s biggest hotel groups, runs over 1,700 hotels in 11 countries, and also operates travel, transport and logistics services.
Long-standing partners, the two hotel groups in 2011 formed a co-branding program in France and China to boost tourism between the two countries.
“There is strong complementary synergy between Louvre Hotel and Jin Jiang in brand portfolio, geographic footprint and guest base,” Jin Jiang chairman Yu Mingliang said in a statement.
The deal is expected to be completed in the first quarter of 2015, the report said.
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