Sarovar sells majority stakes to Louvre Hotels

Sarovar Hotels has sold majority of its stakes to Louvre Hotels, the second largest hotel group in Europe. The acquisition deal was formally announced in New Delhi by Ajay K. Bakaya, Executive Director, Sarovar Hotels, in the presence of Anil Madhok, Executive Chairman, Sarovar Hotels; Pierre-Frederic Roulot, CEO, Louvre Hotels Group and Saurabh Chawla, Head of Group Development, Louvre Hotels Group. According to Bakaya, there will not be any change in the management of Sarovar Hotels after the acquisition and they will continue to run the hotels the way they used to. He added that the new development would only help the company to expand its reach.