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Jin Jiang completes the purchase of Groupe du Louvre for €1.3 billion

Starwood Capital and Jin Jiang International Holdings Co., Ltd. announced that the sale of Groupe du Louvre has been completed. This includes Louvre Hotels Group, Baccarat Crystal and Annick Goutal fragrances.

Starwood Capital Group and Jin Jiang International Holdings Co., Ltd. announced that the sale of Groupe du Louvre and its 100% indirect subsidiary Louvre Hotels Group has been completed. The transaction was financed through internal resources and bank loans. Groupe du Louvre was sold to the Luxembourg-based subsidiary of Shanghai Jin Jiang International Hotels Development Co (100% owned by Jin Jiang International). It supports the development of brands: Première Classe, Campanile, Kyriad, Royal Tulip, Golden Tulip, Tulip Inn and Concorde Hotels.

The agreement "will strengthen the development of the hotel and tourism industry between France and China and the international expansion of the two groups' brands," said Jin Jiang International and Starwood Capital in a press release.

On January 1, 2014, Jin Jiang International was the 13th international hotel group in terms of number of rooms, with 128,952 units in 918 hotels (data from MKG Hospitality, hospitality consulting group founded by Georges Panayotis). (Read our report). This purchase will enable Jin Jiang International to integrate more than 1,100 hotels and 91,154 rooms in 46 European countries into its international network and enter the Top 10 worldwide.

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