Jin Jiang looking to buy hotels in Europe
Hotel group Jin Jiang is looking to buy hotels in major European cities, including Paris, to expand its luxury portfolio, chief executive of Louvre Hotels told Reuters.
Shanghai-based hotel conglomerate Jin Jiang International is looking to buy hotels in major European cities, including Paris, to expand its luxury portfolio, the chief executive of its Louvre Hotels Pierre-Frederic Roulot told Reuters on November 23.
Roulot, who oversees state-owned Jin Jiang’s expansion in Europe, said the close ties with China enjoyed by Louvre Hotels had helped it to weather an overall decline in Chinese visitors to France in 2016 due to security fears.
“There were 2.2 million Chinese visitors in France in 2015, this could fall to 1.8 million this year but we are seeing a rise of between 8% and 10% in nightly Chinese stay…We are less impacted than others,” he said.
Louvre Hotels, which is the number two for budget hotels in Europe after France’s AccorHotels, will also use its alliance with China’s biggest bank card provider UnionPay to reach more of the growing number of Chinese travelers abroad.
Jin Jiang is among a growing number of Chinese firms investing in European tourism, including Fosun which controls French holiday group Club Med and gave Louvre Hotels a 2.5 billion euro three-year credit line to speed up expansion.
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