France-based Louvre Hotels, now owned by Chinese hospitality group Jin Jiang International, has agreed to buy Indian chain Sarovar Hotels.
This is the first deal from a Chinese-owned company in the Indian hotel market.
According to a DNA Money news report, Louvre raced ahead of Wyndham Hotel Group which had been working on a deal to take over Sarovar for the last few months.
"A share purchase agreement has been signed with Louvre Hotels. In fact, this is the first time that Chinese money is coming into the Indian hospitality market," a source told DNA Money.
"It’s slightly higher than what Wyndham was offering."
Completion of the deal is expected in early January 2017.
Sarovar has a portfolio of 73 hotels which are mostly are management contracts.
Jin Jiang’s Louvre Hotels unit has more than 1,000 hotels operating in 51 countries.
