Louvre Hotels Group signed a strategic agreement with Chinese bank ICBC for a €2.5 billion.

Louvre Hotels Group signed a strategic agreement with Chinese bank ICBC for a €2.5 billion (US$2.77 billion) line of credit over a three-year term.

The influx of capital will reportedly help the group speed up the development and renovation of its brand-wide portfolio within the main European markets.

“Thanks to this influx of capital, Louvre Hotels Group can easily act on its ambitions, and in that regard we are open to examining any opportunities in France, Europe and beyond in order to complete our network,” said Pierre-Frédéric Roulot, CEO of Louvre Hotels Group. “We are also paying attention to changes in our customers’ expectations, whose modes of consumption are challenging us to be ever more innovative.”