Starwood Capital Sell Louvre Group
Barry Sternlicht's Starwood Capital has sold Louvre Hotels to China's Jin Jang International.
The deal has been valued in the financial press at USD3.2 billion.
Louvre whose core brand is Golden Tulip has over 1100 hotels across 40 countries.
In recent weeks reports had ACCOR close to doing a deal with Louvre, but at the end of the day Jin Jang who have nearly 1800 properties did the deal.