Louvre Hotels Group announced its acquisition of a majority stake in Sarovar Hotels, an independent Indian hotel chain in terms of hotels and presence. The European hotel group continued to rollout its international expansion plans with this, its first investment of size in the Indian subcontinent. The company said that India, with its fast-growing economy, its global tourism potential and a significant under-penetration of branded hotel rooms, represents a new opportunity and a strategic market of more than 1.2 billion inhabitants for the group.
After launching a far-reaching scheme to strengthen its positions in China and South-East Asia, Louvre Hotels Group 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 leading brands – Sarovar Premiere, Sarovar Portico and Hometel. In addition to these, 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.
Sarovar Hotels was founded in 1994 by Anil Madhok, a hotel industry expert on India, Singapore and Sri Lanka markets. It is run by Ajay K Bakaya and Mansoor Adil. Over the past five years, Sarovar has grown from 4,500 rooms to nearly 6,000 in over 50 cities. It has a secured pipeline of over 20 hotels, most of which are due to join the network shortly. In recent times, the brand also started to develop its brands outside its boundaries, targeting Africa, and more significantly Eastern Africa, which de facto also strengthens Louvre Hotels Group positioning as the largest hotel group in this part of the world.
There will be no change in management of the Sarovar Group and the team will continue to 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.
“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,” emphasised Pierre-Frédéric Roulot, CEO, Louvre Hotels Group.
“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 of Sarovar Hotels
