Sarovar Hotels sells majority stake to Europe's Louvre Hotels

MUMBAI: Sarovar Hotels sold majority stake to Louvre Hotels Group, a Europe-based hotel group, for an undisclosed amount.

Bessemer Venture Partners Trust and New Vernon Private Equity exited the company as part of this transaction. After the deal, Louvre Hotels' Golden Tulip Hotels business will merge with Sarovar Hotels.

There will be no change in management of the Sarovar Group and the existing management team led by Anil Madhok and Ajay Bakaya will continue to manage the hotels under its brands, the company said in a press release.


The deal will help Louvre Hotels Group become one of the largest managed hotel chains operating in India, it added. Avendus Capital was the sole and exclusive advisor to the shareholders of the Sarovar Group in this transaction.

"This transaction between Louvre Hotels Group and Sarovar Hotels offers unprecedented synergies between strong local brands and the world’s 5th largest hotel group," the press statement said.