Louvre to invest $100 mn in India

Louvre Hotels Group is planning to invest over $100 million (about Rs. 600 crore) in the Indian hospitality space over the next three years.

The Group was recently acquired by Jin Jiang InternationalHoldings, China's biggest hotel company, from US investment group Starwood Capital. The new owners are urging the officials to promote the brand inorganically and are open for aggressive investment plans across India.

The brand is also open to portfolio acquisitions in the country. 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.