Shearman & Sterling and Davis Polk & Wardwell are advising one of China’s biggest hotel operators on a $1.4 billion acquisition of France’s Groupe Du Louvre from U.S. investment company Starwood Capital Group.
State-owned Shanghai Jin Jiang International Hotels Development Co. Ltd. will acquire 1,115 hotels owned, managed and operated by Groupe Du Louvre. The Paris-based company owns hotel brands that mostly operate within Europe, ranging from the five-star Royal Tulip to budget chain Kyriad and Campanile. Greenwich, Conn.-based Starwood bought the group for $3.2 billion in 2005.
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