Home»News»Signing of a €2.5b line of credit with the Chinese bank ICBC
Signing of a €2.5b line of credit with the Chinese bank ICBC
In the presence of the French and Chinese Prime Ministers, Louvre Hotels Group has signed a strategic agreement with Chinese bank ICBC that will provide the Group with the means to support its ambitious development policy in France and Europe.
Strengthened by the €2.5b line of credit granted by Chinese bank ICBC over a 3-year term, Louvre Hotels Group (LHG) controls a substantial enough budget to really shift gears and accelerate its development strategy in France and Europe at every level: organic development, renovation of existing hotels and external growth.
The influx of capital will help the Group speed up the development of its entire brand portfolio within the main European markets. In France, the strategy remains the same with the reinforcement of its positions in city centres in the major cities, and the spurring of its 4-star Golden Tulip brand. In Europe, Germany remains a priority market with the launching of Première Classe hotels. In the United Kingdom, the Group will continue developing the Campanile and Golden Tulip brands.
More than that, those €2.5b in available budget will help LHG to intensify its renovation plan, started in 2012, and to further extend the deployment of its innovations in customer relations, such as new dining concepts, WiFi certification or the corporate digital strategy.