It was one of the last big acquisitions of 2016 when China's Louvre Hotels Group, owned by Jin Jiang International, bought a majority stake in India's Sarovar Hotels for $50 million.
Now, the company is reportedly seeking more mid-market hotels in India and is reaching out to "several hotel chains."
The company is planning to double the number of Golden Tulip hotels in the next three years, and will launch eight to 10 new hotels this year, Vimal Singh, managing director, Golden Tulip Hotels and Resorts South East Asia, said.
“Acquisitions are in line with our strategy to grow in India. We continue to look at acquisitions. We are also in discussions to bring our brand Campanile to India,“ Singh added.
Singh said that the company will focus on its Tulip Inn budget brand, going forward and will expand primarily in the East and South. New hotels are expected for Bengaluru, Chennai and Hyderabad.
“Indonesia, Japan and Korea are big growth markets for us,“ Singh said. “In India, we have been seeing occupancy rates in the high 60s while the room rates have been relatively flat. We witnessed a little dip post demonetisation, but things are slowly getting better.“