Jin Jiang increases stake in Accor
Shanghai Jin Jiang International has raised its stake in French hotel group AccorHotels to 5.5 percent, becoming its second-largest shareholder, according to a regulatory filing.
A growing number of French and Chinese groups have joined forces in recent years to seek opportunities in tourism, with Chinese investor Fosun buying a stake in French holiday group Club Med last year.
Jin Jiang International also bought Europe’s No. 2 budget operator, France’s Louvre Hotels Group, from US investment group Starwood Capital in 2015.
Last week AccorHotels finalised its strategic alliance with China Lodging Group, which will create a major new player in the fast-growing Chinese domestic travel and hospitality market.