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Jin Jiang's Louvre Hotels buys Indian hospitality chain Sarovar

12/23/2016| 8:27:52 PM| 中文

France-based Louvre Hotels Group has acquired Indian hospitality chain Sarovar Hotels pipping global hospitality major Wyndham Hotel Group following a month-long battle.

France-based Louvre Hotels Group (LHG) has acquired Indian hospitality chain Sarovar Hotels pipping NYSE-listed global hospitality major Wyndham Hotel Group (WHG) following a month-long battle.

DNA Money had first reported about Louvre looking to acquire Sarovar Hotels on October 11, 2016, followed by another story about Wyndham getting back in the game for Sarovar on November 21, 2016. Sarovar has 73 hotels' portfolio, majority of which are management contracts.

Louvre is owned by Jin Jiang International, one of China's leading travel and tourism conglomerates.

This is the second time Wyndham has lost out after making a surprise re-entry last month to acquire the Indian hospitality chain.

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TAGS: Jin Jiang | Sarovar Hotels | Louvre Hotels | investment
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