Starwood Capital Group and Jin Jiang International Holdings have revealed the sale of Groupe du Louvre and its 100% indirect subsidiary Louvre Hotels Group has been completed. Through Starwood affiliate Star SDL Investment Co., Groupe du Louvre was sold to the Luxemburg-based subsidiary of Shanghai Jin Jiang International Hotels Development, for an amount of €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. I would like to thank Steve and the rest of the Starwood team in Paris for their tireless and effective management on behalf our limited partners.”
As a leading select service hotel group in China, Shanghai Jin Jiang International Hotels Development Co. Ltd., 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 Co., Ltd. will boost hotel tourism between France and China, and the international development of selected brands for both parties.