France-based hospitality chain Louvre Hotels, the world’s eighth largest chain by number of hotels, has announced plans to set up 100 medium-sized properties in India over five years.
Louvre said it would bring in equity investment of $200 million (about Rs 900 crore) along with its associates to set up hotels in India. It also plans to extend its brands through franchises.
So far the company has only three hotels in India through management contracts. It is now changing tacks to go aggressive as Louvre considers India has high growth potential.
“In 2010 we will add seven new hotels in India while another 20 will be commissioned next year. Our target is to have 100 hotels here in five years, out of these one third would be owned by us,” said Pierre-Frederic Roulot, president, Louvre Hotels. “To show commitment for the county we along with our partners plan to invest $200 million in equity in hotel ventures.”
Louvre Hotels has a chain of over 1,100 hotels, single-star to 5-star, under seven brands.