Jin Jiang International Holdings Co., Ltd. announced to sign an agreement with Starwood Capital Group about potential sale of Groupe du Louvre.

Starwood Capital Group and Jin Jiang International Holdings Co., Ltd. jointly announced today that both parties have signed an agreement regarding Starwood Capital Group's potential sale of Groupe du Louvre and its 100% indirect subsidiary Louvre Hotels Group for an undisclosed amount. The proposed transaction is subject to the "information and consultation" process with Louvre Hotels Group's central works council.

As one of the premier hospitality and travel conglomerates in China, Jin Jiang International Holdings has three core businesses: hotel investment & management, travel services and transport & logistics. It owns and operates over 1,700 hotels in 11 countries. Louvre Hotels Group is the second-largest hotel group in Europe, with a network of more than 1,100 hotels (more than 90,000 rooms) in more than 40 countries worldwide.

In November 2011, Louvre Hotels Group and Jin Jiang International Holdings established a commercial partnership which notably introduced a co-branding program to selected hotels in major cities of China and France. The partnership aimed at building up public awareness of Louvre and Jin Jiang in each other's home markets and boosting hotel tourism between the two countries, thus laying a solid foundation for the potential transaction.

The closing of this potential transaction, which is to be completed through Starwood affiliate Star SDL Investment Co., is expected to take place during the first quarter of 2015. The "information and consultation" process with Louvre Hotels Group's central works council in France with regards to this transaction will be initiated immediately.

Barry Sternlicht, CEO of Starwood Capital Group, stated: "This agreement, as a combination of Louvre Hotels Group with Jin Jiang International Holdings, would ensure the continued growth and expansion of all brands of Louvre Hotels Group while bringing to a close the very successful relationship between the group and Starwood Capital. Together with Jin Jiang, we expect the brands will be able to strengthen their capacity and capture the strong growth potential that clearly exists in China and, more broadly, in Asia."

Yu Minliang, Chairman of Jin Jiang International Holdings Co., Ltd. commented: "As a strategic investor, we are pleased, on the basis of close partnership over the past years, to reach consensus with Starwood Capital Group. There is strong complementary synergy between Louvre Hotel and Jin Jiang in brand portfolio, geographic footprint and guest base. We are looking forward to working with the management, employees and other stakeholders of Louvre Hotel Group so as to create larger space for both parties to grow globally."