LOUVRE HOTELS GROUP BUYS MAJORITY SHARES IN SAROVAR

Louvre Hotels Group, the second largest hotel group in Europe, acquired a majority stake in Sarovar Hotels, the largest independent Indian hotel chain in terms of hotels and presence. It has 75 hotels on the premium, mid-range and budget sectors, through three leading brands: Sarovar Premiere, Sarovar Portico, and Hometel. Louvre Hotels Group continues to roll out its international expansion plans with this, its first investment of size in the Indian subcontinent. 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 for the group. After launching a far-reaching 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 constantly growing leisure and business tourism. In addition to the above three brands, Sarovar Hotels 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.