Jin Jiang to acquire Louvre Hotels as part of global drive

Mergers and acquisitions seem to be the new flavor for the hotel industry, judging by the growing number of deals involving Chinese companies this year, industry sources said on Thursday.

Shanghai-based Jin Jiang International Holdings Co Ltd is the latest Chinese hotelier to jump on the overseas M&A trail after it said it was buying Groupe du Louvre and its 100 percent indirect subsidiary Louvre Hotels Group from the US-based private investment firm Starwood Capital Group for an undisclosed amount.

The proposed transaction is subject to the "information and consultation" process with Louvre Hotels Group's central works council, the company said in a statement. The transaction is likely to be completed in the first quarter of 2015 and will be conducted through Star SDL Investment Co, a Starwood affiliate.