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Shanghai Peace Hotel Owner Buys Louvre Group in Expansion

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Jin Jiang International Holdings Co., which owns Shanghai’s 85-year-old Peace Hotel, agreed to buy Groupe du Louvre in a bid to expand its global franchise.

Jin Jiang signed an agreement with Starwood Capital Group to buy the hotel company and subsidiary Louvre Hotels Group for an undisclosed price, according to a statement on its website yesterday. The deal is valued at more than 1.2 billion euros ($1.49 billion), the Wall Street Journal reported, citing unidentified people familiar with the matter.