Louvre Hotels Group Acquires Majority Stake in Sarovar Hotels
by EVENTFAQS Bureau Industry Watch | January 23, 2017 | News
Louvre Hotels Group Sarovar Hotels
Louvre Hotels Group and Indian mid-market hotel company, Sarovar Hotels & Resorts have recently jointly announced their merger. Without divulging the size of the deal or the exact division of stake in the merged entity, spokesmen of both the companies announced the fructification of the deal, in which, Louvre Hotels will have a commanding majority stake in Sarovar Hotels & Resorts.
It is believed that Louvre Hotel Group has closed the acquisition, which is considered to be one of the biggest hotel deals in the recent times by beating Wyndham Hotel Group in the race. The deal which is estimated to be anywhere between INR 300 to INR 350 Crore makes the combined entity one of the biggest hotel chains in India in terms of number of properties.
It is also reported that with the deal closed, Louvre will now attempt to position itself as a leading hotel management company in India with over 70 operational properties across different categories.
Louvre Hotels was acquired by one of China's leading travel and tourism conglomerates- Jin Jiang International Holdings Co Ltd from Starwood Capital Group in March 2015.
A major player in the global hospitality industry Louvre currently boasts of over 1,175 hotels and a total capacity of more than 100,000 guest rooms in 51 countries. The company operates across segments ranging from one-star to five-star with a portfolio of six hotel brands viz. Première Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip and Royal Tulip.
The deal is estimated to be anywhere between INR 300 to INR 350 Crore and makes the combined entity one of the biggest hotel chains in India in terms of number of properties.
