Shanghai Jin Jiang International Hotels has finalized its agreement to acquire Starwood Capital Group’s Louvre Hotels Group for up to €1.21 billion (US$1.43 billion) in cash.

First announced in November, Shanghai Jin Jiang International Hotels has finalized its agreement to acquire Starwood Capital Group’s Louvre Hotels Group for up to €1.21 billion (US$1.43 billion) in cash.

The move comes as Chinese hotel developers look to acquire foreign hotel assets to capture the growing number of outbound Chinese business and leisure travelers.

The deal, which Chinese giant Jin Jiang plans to fund with internal resources and bank loans, will be completed through Starwood Capital affiliate Star SDL Investment Co. for about €960 million to €1.2 billion.

Louvre, the second-largest European hotel group, currently owns, manages and operates 1,115 mid-market and economy hotels with 91,154 in 46 countries under the brands Golden Tulip, Royal Tulip, Premiere Classe, Campanile and Kyriad.