China’s Louvre Hotels Eyes More Buys in India
Co to also double number of its Golden Tulips, launch 8-10 new hotels this year
New Delhi: China’s Louvre Hotels Group, which acquired a majority stake in Sarovar Hotels for $50 million, is looking hungry for more buys in India in the mid market space and is in talks with several hotel chains. The company will also double the number of Golden Tulip hotels in the next three years and launch eight to ten new hotels this year, said Vimal Singh, managing director, Golden Tulip Hotels and Resorts South East Asia.
“Acquisitions are in line with our strategy to grow in India. We continue to look at acquisitions. We are also in discussions to bring our brand Campanile to India,” Singh added.
Golden Tulip Hotels and Resorts is a part of the international hospitality chain Louvre Hotels Group, Europe’s second-largest hospitality company and a part of Shanghai-based Jin Jiang International Holdings. The chain operates through its budget brand Tulip Inn, four star brand Golden Tulip and luxury brand Royal Tulip.
In January this year, Louvre announced the acquisition of a majority stake in Sarovar Hotels for an estimated $50 million beating Wyndham Hotel Group in the race. The chain operates around 1,233 hotels in 54 countries. Singh said the company will focus on its budget brand Tulip Inn going forward and will expand primarily in the East and South. New hotels will be launched in cities like Bengaluru, Chennai and Hyderabad.
“Indonesia, Japan and Korea are big growth markets for us. In India, we have been seeing occupancy rates in the high 60s while the room rates have been relatively flat. We witnessed a little dip post demonetisation, but things are slowly getting better,” said Singh.
In January, Louvre announced acquisition of a majority stake in Sarovar Hotels for an estimated $50 million