Hony-backed Jin Jiang buys Louvre Hotels
Shanghai Jin Jiang International, a Chinese hotel operator backed by Hony Capital, has agreed to buy Europe’s second-largest hotel group Louvre Hotels from US real estate investor Starwood Capital.
The financial terms were not disclosed but the Financial Times reported the price exceeded EUR1.2 billion ($1.5 billion) and valued the company at more than 11 times EBITDA. Other bidders for the asset...
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