Chinese investment in property-backed leisure businesses continued this week as Shanghai-based Jin Jiang International Holdings won the race to buy European budget hotel chain Groupe du Louvre from Starwood Capital for more than €1.2bn (£950m).
The chain operates hotels under the Campanile, Kyriad and Premiere Classe brands.
Chinese state-backed Jin Jiang beat PAI Partners and Oaktree and French hotel chain Accor for Louvre.
In the summer Beijing-based Hony Capital bought PizzaExpress for £900m, while real estate investor Fosun is bidding to take control of Club Med.
