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Louvre Hotels Group, the second-largest in the hospitality industry in Europe, has bought a majority stake in Sarovar Hotels, India, reported ET.
|Deal||Louvre Hotels buys majority stake in Sarovar Hotels|
|Law Firms||Khaitan & Co – Shareholders of Sarovar Hotels; Trilegal – Louvre Hotels|
|Partners/Heads||Khaitan & Co – Haigreve Khaitan; Trilegal – Nishant Parikh and Gautam Singh|
Khaitan & Co advised the shareholders of Sarovar Hotels – New Vernon Private Equity Limited, Bessemer Venture Partners Trust, Anil Madhok and Ajay Bakaya.
The Khaitan team was led by Partner Haigreve Khaitan along with Associate Partner Sameer Sah and Abhishek Thanvi and Associate Ruchi Sharma, with assistance from Senior Associate Pranay Bagdi and Associate Ayush Nanda.
Partner Kumar Saurabh Singh and Senior Associate Soumava Chatterjee advised on banking aspects, while Partner Sanjay Sanghvi along with Senior Associate Surajkumar Shetty and Associate Ankit Namdeo advised on the Direct Tax aspect.
Trilegal acted as legal advisors to Louvre Hotels Group with a team led by Partners Nishant Parikh and Gautam Singh.
This deal makes the combined entity one of the biggest hotel chains in India in terms of number of properties, reported ET.
With the deal, private equity funds Bessemer Venture and New Vernon have exited Sarovar. The hotel chain with the Sarovar Premiere, Sarovar Portico and Hometel brands will continue to be run by the existing management.