Louvre Hotels Group, the second largest hotel group in Europe, has announced acquisition of a majority stake in Indian hotel chain Sarovar Hotels. After launching a scheme to strengthen its positions in China and South East Asia, Louvre Hotels Group continues to boost its presence in South Asia, keeping up with the region’s leisure and business tourism. The group has decided to become a majority stakeholder in Sarovar Hotels, an Indian company made up of 75 hotels on the premium, mid-range and budget sectors, through three brands: Sarovar Premiere, Sarovar Portico and Hometel.
In addition to the above brands, the group also has two F&B brands, The Geoffrey’s Pub and the Oriental Blossom, and manages the lodging and catering facilities of various institutions in India. Furthermore, the group manages 10 hotels under the Radisson, Park Plaza and Park Inn brands.
Sarovar has a pipeline of over 20 hotels, most of which are due to join the network shortly.
There will be no change in management of the Sarovar Group and its team will continue to manage the hotels under its brands.
Louvre Hotels Group brand has been present in the Indian sub-continent since 2007 and currently manages 22 hotels under its Golden Tulip umbrella brand.
“Number two in Europe, number one in China, and now a leader in India, we really are a major global player, present in all major markets, and in all the hospitality segments. Sarovar is a fantastic platform, very promising for the future, mostly due to the professionalism and the local expertise of its smart team,” said Pierre-Frédéric Roulot, CEO, Louvre Hotels Group.
“Over the last two decades, Sarovar Hotels has grown to be one of the fastest growing hospitality chains in India. The association with Louvre Hotels Group will help us to spread our wings further and we will continue to develop our brands. With local and international capabilities, we aim to be the leading brand in the business and bring in major benefits to our guests,” commented Anil Madhok, executive chairman, Sarovar Hotels.
Avendus Capital was the sole and exclusive advisor to the shareholders of the Sarovar Group in this transaction.