Starwood Capital Group and Jin Jiang International Holdings completed the sale of Groupe du Louvre and its indirect subsidiary Louvre Hotels Group to Shanghai Jin Jiang International Hotels Development of Luxembourg, for €1.3 billion.
"The sale of Groupe du Louvre to our valued partners at Jin Jiang completes a remarkable performance by our investment vehicle in France," said Barry Sternlicht, Chairman and CEO of Starwood Capital Group. "Under the leadership of Steven Goldman, CEO of Groupe du Louvre since 2010, we provided a strong return to our investors from the assets despite operating in a challenging economic environment."
Shanghai Jin Jiang International Hotels Development, of which Jin Jiang International Holdings is the single largest shareholder, owns and operates 1,215 economy and mid-scale hotels (over 140,000 rooms) in Asia. Louvre Hotels Group is the second-largest hotel group in Europe, with a network of more than 1,100 hotels (more than 90,000 rooms) in more than 40 countries worldwide.
Built on the success of the co-branding alliance since 2011, the merger between Louvre Hotels Group and Shanghai Jin Jiang International Hotels Development will boost hotel tourism between France and China, and the international development of selected brands for both parties.