The Wall Street Journal: Shanghai Jin Jiang to buy France’s Louvre Hotels Group

Shanghai Jin Jiang International Hotels Group Co. 2006, +4.00%  plans to buy France’s Louvre Hotels Group, the second-largest European hotel group, for up to €1.21 billion ($ 1.43 billion).

The state-owned company, one of China’s biggest hotel groups, said in a statement late Wednesday it plans to buy Louvre Hotels Group from Starwood Capital Group, an international real-estate investment fund incorporated in the U.S., in a deal valued between €1.25 billion and €1.5 billion.

Shanghai Jin Jiang, which said the actual consideration of the deal will be in a range of €960 million to €1.21 billion, plans to fund the purchase via internal resources and bank loans.

An expanded version of this report appears on WSJ.com.


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