China's Huazhu to buy German luxury hotel group Steigenberger

FRANKFURT (Reuters) - China's Huazhu Group is buying the Steigenberger hotels as it seeks to extend its global reach with the addition of one of Germany's most well-known upmarket chains.Huazhu, already the world's fifth-largest hotel group by market capitalisation, is paying 700 million euros (£604 million) in cash for Steigenberger parent Deutsche Hospitality.That values Deutsche Hospitality, whose brands include MAXX by Steigenberger, Jaz in the City, IntercityHotels and Zleep at 17-18..