Louvre Hotels Group signs €2.5b line of credit with Chinese bank ICBC
On Thursday July 2nd, in the presence of the French and Chinese Prime Ministers, Louvre Hotels Group has signed a strategic agreement with Chinese bank ICBC that will provide the Group with the means to support its ambitious development policy in France and Europe. Now the Group is in a position to boost its policy of organic and external growth, as well as its renovation programme.
On Thursday July 2nd, in the presence of the French and Chinese Prime Ministers, Louvre Hotels Group has signed a strategic agreement with Chinese bank ICBC that will provide the Group with the means to support its ambitious development policy in France and Europe. Now the Group is in a position to boost its policy of organic and external growth, as well as its renovation programme.
Strengthened by the €2.5b line of credit granted by Chinese bank ICBC over a 3-year term, Louvre Hotels Group (LHG) controls a substantial enough budget to really shift gears and accelerate its development strategy in France and Europe at every level: organic development, renovation of existing hotels and external growth.
The influx of capital will help the Group speed up the development of its entire brand portfolio within the main European markets. In France, the strategy remains the same with the reinforcement of its positions in city centres in the major cities, and the spurring of its 4-star Golden Tulip brand. In Europe, Germany remains a priority market with the launching of Première Classe hotels. In the United Kingdom, the Group will continue developing the Campanile and Golden Tulip brands.
More than that, those €2.5b in available budget will help LHG to intensify its renovation plan, started in 2012, and to further extend the deployment of its innovations in customer relations, such as new dining concepts, WiFi certification or the corporate digital strategy.
Ambitions in external growth
This investing capacity will not only facilitate an even more powerful organic development, but will also support the acquisition of existing portfolios and hotel groups, thus optimising synergies and extending the power of Louvre Hotels Group.
"Thanks to this influx of capital, Louvre Hotels Group can easily act on its ambitions, and in that regard we are open to examining any opportunities in France, Europe and beyond in order to complete our network. We are also paying attention to changes in our customers' expectations, whose modes of consumption are challenging us to be ever more innovative," says Louvre Hotels Group CEO Pierre-Frédéric Roulot with satisfaction.
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