January 14, 2015 / 3:10 PM / 5 years ago

China's Jin Jiang to acquire Groupe Du Louvre for up to 1.2 billion euros

(Reuters) - Shanghai Jin Jiang International Hotels Development Co Ltd has agreed to acquire Europe’s Groupe Du Louvre for up to 1.21 billion euros ($1.13-$1.43 billion) from U.S. investment firm Starwood Capital Group, as Chinese hoteliers expand their global footprint.

The cash acquisition, first announced in November, will be completed through Starwood Capital’s affiliate Star SDL Investment Co for about 960 million euros to 1.2 billion euros, Jin Jiang said in a stock exchange filing on Wednesday.

Groupe Du Louvre owns, manages and operates 1,115 hotels in 46 countries around the world, with brands such as Premiere Classe, Campanile, Kyriad and Golden Tulip.

The deal came as Chinese investors are snapping up renowned hotels on foreign soil.

Last year, Chinese insurer Anbang Insurance Group Co bought New York’s famed Waldorf Astoria hotel.

Reporting by Meg Shen in Hong Kong, Lee Chyen Yee in Singapore; Editing by Michael Urquhart

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