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Louvre Hotels steps up expansion, focus on India

Louvre Hotels steps up expansion, focus on India
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First Published: Wed, Apr 27 2011. 04 44 PM IST
Updated: Wed, Apr 27 2011. 04 44 PM IST
Paris: Louvre Hotels, owned by US investment group Starwood Capital, said on Wednesday it planned to open 80 new hotels in 2011, mostly in Europe and Asia.
Louvre Hotels, the world’s eighth-largest hotelier, also said in a statement it would raise funds to finance its expansion in India over the next five years but did not provide further details.
“India is the Louvre Hotels Group’s priority country in 2011,” the statement said.
Louvre Hotels already operates 6 hotels in the fast-growing Indian market and has plans to open about 15 new hotels per year in the country over the next 5 years.
In July 2009, Starwood, already the owner of Louvre Hotels, bought 240 hotels owned by Dutch operator Golden Tulip.
The acquisition raised Louvre Hotels’ profile with more upmarket brands than its existing Premiere Classe, Campanile and Kyriad hotels. It also gave it access to several new countries, notably emerging markets.
Louvre Hotels, which is also Europe’s second-largest hotel group after Accor, operates over 1,000 hotels in 40 countries.
It has already opened 20 new hotels since the start of 2011, including seven in France, four in India and three in Brazil.
Post 2011, Louvre Hotels, which wants to be among the top five hoteliers in emerging markets, expects to open about 100 hotels per year over the next 5 years.
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First Published: Wed, Apr 27 2011. 04 44 PM IST