Shanghai Jin Jiang to Buy Louvre Hotels Group |
Shanghai Jin Jiang International Holdings Co. Ltd. said Wednesday it plans to buy France’s Louvre Hotels Group, the second-largest European hotels company. Louvre Hotels Group, owned by Starwood Capital Group, fetched more than €1.2 billion ($1.49 billion), said people familiar with the matter. The Louvre Hotel Group has more than 1,100 hotels in 47 countries. It is made up of luxury and budget hotels, such as Kyriad, Campanile and Royal Tulip. Shanghai Jin Jiang is one of China’s biggest hotel groups. Jin Jiang operates over 1,700 hotels in 11 countries, and operates other businesses including travel services, transport and logistics.
