Louvre Hotels Group, which operates Golden Tulip hotels in Southeast Asia and was fully acquired in March by Shanghai-based Jin Jang Holdings International, announces expansion plans.
Jin Jiang, one of China?s leading travel and tourism conglomerates, is a state-run company with a strategy based on China?s Five-Year Plan that identifies tourism as a core growth engine and, therefore, a priority for investments.
Jin Jiang sees this as a great opportunity for Louvre Hotels Group to benefit from this five-year roadmap, enabling continuous investment to accelerate development in France, Europe, Asia and elsewhere.
The new ownership also gives LHG access to the largest outbound tourist market, of which 30 percent is managed by Jin Jiang Tour Operator.
Strengthened by a ?2.5 billion line of credit granted by Chinese bank ICBC over a three-year term, the group says it is now shifting gears and accelerating its development strategy through organic development, innovations, renovation of existing hotels or external growth.
Louvre Hotels Group will launch Campanile economy hotels in China, with the first opening in Shanghai at the end of 2015. The objective is 500 hotels in the next five years.
Further development is planned for the Golden Tulip brand, including the conversion of a flagship JJ hotel in Shanghai.
In Thailand the group currently has five Golden Tulip and Royal Tulip hotels in operation and development.
There are also advanced plans for the launch of 30 Tulip Inn economy hotels in main and secondary cities.
Plans are in place for further expansion for 5- and 4-star hotels and resorts in Bangkok, Phuket and Pattaya.
The portfolio in Thailand is managed under a partnership with Bangkok-based BHM Asia.
Global expansion planned with Jin Jiang/Golden Tulip tie-up
