Louvre Hotels Group has acquired Sarovar Hotels & Resorts .
The France-based hospitality group is owned by Jin Jiang International, a leading Chinese travel firm. Louvre Hotels Group along with Wyndham Hotel Group were in talks with Sarovar Hotels & Resorts for this buy out since a few months.
It is reported that a share purchase agreement has been signed between the two companies. This is also the first ever Chinese deal in the Indian hospitality space.
Louvre Hotels Group has 1,175 properties in its portfolio, where as the Indian hospitality company has 73 properties in its portfolio, most of which are management contracts. Sarovar also has a few Carlson Rezidor brands such as Park Inn, Park Plaza and Radisson hotels in its network.