Louvre Hotels Group (LHG) is accelerating its expansion in China and Southeast Asia following its acquisition by Shanghai-based Jin Jiang Holdings International in March of this year. Reports are the group has been granted a US$2.8 billion line of credit by Chinese bank ICBC over a three-year term to accelerate its development strategy through organic development, innovations, renovations of existing hotels or external growth.
With this support, Louvre will launch reportedly Campanile-branded economy hotels in China, with the first opening in Shanghai planned for later this year. They have a target of 500 hotels in the next five years. It is also planning to convert a JJ hotel in Shanghai into the Golden Tulip brand.
In Thailand, where LHG has five Golden Tulip and Royal Tulip Hotels currently in operation and development, the group has plans to add 30 Tulip Inn economy hotels around the country.
There are also plans for further expansion of four- and five-star hotels and resorts in Bangkok, Phuket and Pattaya. In addition, there is an interest for strategic investments in the hotel sector through portfolio acquisitions.
The portfolio in Thailand is managed under a partnership with BHM Asia out of Bangkok.