Starwood and Jin Jiang Enter Strategic Relationship
Partnership Combines One of the Largest Asian-Owned Hotel Brands with Starwood's Extensive Acquisiti
SHANGHAI, December 7, 2006. Starwood Capital Group announced today that it has entered into a strategic relationship with Shanghai Jin Jiang International Hotels (Group) Company Limited ("Jin Jiang"), one of China's largest hotel operators. Under the terms of the agreement, Starwood Capital will make a $30 million strategic investment in Jin Jiang, making Starwood the largest outside shareholder in the company.
Through the new strategic partnership, Starwood Capital and Jin Jiang will work together to develop and strengthen each other's hotel business, mainly in the People's Republic of China, and will cooperate on hotel business projects.
"Starwood Capital is very excited about the potential for Jin Jiang in China and abroad, and for our future partnership together," said Barry Sternlicht, Starwood Capital's Chairman and Chief Executive Officer. "Jin Jiang's geographic reach and portfolio of owned assets across all hotel categories leaves it uniquely positioned to benefit from the explosive growth in the Chinese hotel industry, fueled by rapidly expanding tourism and business travel. By combining Jin Jiang's portfolio, which features irreplaceable hotels in Shanghai and other major Chinese cities, with our track record of creating global brands and enhancing asset value in both the luxury and budget categories, the partnership has the potential to create significant value for both companies going forward."
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