Louvre Hotels Group has acquired a majority stake in Sarovar Hotels, one of the largest independent Indian hotel chains in terms of hotels and presence. The European hotel group continues to rollout its international expansion plans with this, its first investment of size in the Indian subcontinent.
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 3 leading brands; Sarovar Premiere, Sarovar Portico and Hometel.
In addition to the above three brands, the group also has two well established 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.
Pierre-Frédéric Roulot, CEO, Louvre Hotels Group said, “Number 2 in Europe, Number 1 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.”
Anil Madhok, Executive Chairman, Sarovar Hotels said, “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.”
There will be no change in management of the Sarovar Group and this strong and experienced team will continue to provide its expertise and manage the hotels under its brands. Both hotel groups share the desire to continue developing Sarovar Hotels brands. This powerful platform will also sustain the development of Louvre Hotels Group brand which has been present in the Indian sub-continent since 2007 and currently manages 22 hotels under its Golden Tulip Umbrella brand.
Avendus Capital was the sole and exclusive advisor to the shareholders of the Sarovar Group in this transaction.
