Louvre Hotels Group, recently acquired by Jin Jiang International Holdings, China's biggest hotel company, will reportedly invest over $100 million in the Indian hospitality space over the next three years, a top company executive told The Economic Times.
Louvre Hotels was acquired by Jin Jiang from U.S. investment group Starwood Capital.
"The new owners have asked us to put together a plan to acquire assets in India and grow the brand inorganically rather than organic," Vimal J Singh, managing director for South Asia at Louvre Hotels Group and Golden Tulip Hospitality Group, told ET.
Until now, Louvre Hotels has grown its portfolio in India through management contracts. "Starwood Capital's vision was the service business and they were not looking at investments in the hotel space," Singh said, adding that acquiring assets now will accelerate the growth further. In India, the hotel chain owns brands like Royal Tulip, Golden Tulip and Tulip Inn.
The hotel chain will debut its budget brands — Campanile and Premiere Classe — next year in India. By 2017, Louvre Hotels targets 60 operational hotels in the country. Currently, the brand has more than 1,100 hotels in 47 countries.