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Business deals

German hotel chain Steigenberger bought by Chinese peer for $800m

Acquisition defies slowing China investment in Germany

Steigenberger Hotels & Resorts is a well-known brand in Europe with a history going back 89 years. (Photo courtesy of Deutsche Hospitality)

FRANKFURT, Germany -- Major Chinese hotel operator Huazhu Group will acquire the company behind the Steigenberger luxury hotel chain for 719.9 million euros ($793 million), the Shanghai-based company announced Monday.

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