PARIS, Nov 12 (Reuters) - U.S. investment group Starwood Capital said it agreed to sell Europe’s No. 2 budget operator, Louvre Hotels Group, to Chinese partner Jin Jiang International Holdings Co. Ltd. for an undisclosed amount.
The transaction is expected to close in the first quarter of 2015, Starwood and Jin Jiang said in a joint statement on Wednesday.
Louvre Hotels has a network of more than 1,100 hotels in more than 40 countries worldwide, ranging from one to five stars under the Premiere Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip, Kyriad Prestige and Royal Tulip brands.
Its sale had attracted interest from potential buyers ranging from private equity groups to France’s Accor, Europe’s largest hotel group.
In November 2011, Louvre Hotels Group and Chinese hospitality and travel conglomerate Jin Jiang International Holdings established a commercial partnership which notably introduced co-branding for some hotels in major cities in China and France.
Starwood Capital took on Louvre Hotels as part of its acquisition of Taittinger’s hotel and champagne empire in 2005. (Reporting by Dominique Vidalon; Editing by James Regan)