Louvre Hotels Group has announced its acquisition of a majority stake in Sarovar Hotels, the largest independent Indian hotel chain in terms of hotels and presence.
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. There will be, however, no change in management of the Sarovar Group.
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.
Sarovar Hotels was founded in 1994 by Anil Madhok, a hotel industry expert on India, Singapore and Sri Lanka markets. It is also run by Ajay K Bakaya and Mansoor Adil.
Sarovar has grown from 4500 to nearly 6000 rooms in over 50 cities. Sarovar has 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.
"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," Pierre-Frederic Roulot, CEO Louvre Hotels Group emphasized.
"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", Anil Madhok, Executive Chairman, Sarovar Hotels commented.
Avendus Capital was the exclusive advisor to the shareholders of the Sarovar Group in this transaction.
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