Jin Jiang owned Louvre Hotels has agreed to buy Indian chain Sarovar Hotels. In a first India hotel market acquisition, Louvre edged out Wyndham Hotel Group to secure the deal.
The deal, slated to take effect in January, adds Sarovar’s portfolio of some 73 hotels managed by the Indian company. Louvre has some 1,000 plus hotels in 51 countries before this latest acquisition. While financial details pertaining to this transaction are still undisclosed, DNA Money was told the deal size is anywhere between Rs 330 crore to Rs 350 crore, slightly more than what the Wyndham offer was.
Louvre operates across several segments ranging from one-star to five-star properties with a portfolio of six hotel brands: Première Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip and Royal Tulip.
This deal is beneficial for Louvre as Sarovar Hotels network has some hotels that belong to the Carlson portfolio of brand like Park Inn, Park Plaza and Radisson hotels.