Shanghai-based Jin Jiang International Holdings has outbid Accor, Europe’s biggest hotelier, in a race to buy a group of French budget hotels, underscoring Chinese groups’ thirst for European assets.
The Chinese-state backed company said yesterday it had agreed to acquire Groupe du Louvre, which operates the Campanile, Kyriad and Premiere Classe brands, from Starwood Capital.
The financial terms were not disclosed, but people with knowledge of the sale said the price exceeded €1.2bn and valued the brands at more than 11 times earnings before interest, taxes, depreciation and amortisation. Other bidders included private equity fund managers PAI Partners and Oaktree.
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