Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Chinese tourism giant in deal to buy French budget hotels

China Flag/AFP

China Flag/AFP

PARIS, November 12- Chinese tourism giant Jin Jiang has signed a deal with US investment group Starwood to buy a string of French budget hotels, the two companies said Wednesday.

The value of the agreement over Starwood’s French subsidiary Louvre Hotels Group was not disclosed but it is believed to be worth between 1.2 and 1.5 billion euros ($1.5-1.8 billion).

Louvre Hotels Group owns some 1,200 hotels, including around 820 hotels in France under brands such as Campanile, Kyriad and Golden Tulip.

The deal is expected to be concluded in the first three months of 2015.

Jin Jiang, one of China’s leading tourism operators, was ranked 14th internationally in terms of the rooms it offers in 1,700 hotels across 11 countries.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...