Paris-based Louvre Hotels Group has bought a majority stake in India’s Sarovar Hotels line, which owns 75 hotels across the country, PTI reported on Thursday. While both companies have not announced transaction details, observers peg the acquisition at 74% of the company’s holding worth Rs 340 crore.

Louvre Hotels Group CEO Pierre-Frederic Roulot (pictured above) said it would be a joint venture, PTI reported. “It is important not to destroy the value of the company. Everywhere in the world we don’t change the DNA of the company,” he said.

The Europe’s second largest hotel group, defeated United States-based Wyndham Worldwide in the acquisition race. Sarovar Hotels executive director Ajay Bakaya said the group’s daily management would remain as it was. Bakaya said he and Sarovar’s executive chairperson Anil Madhok would continue to play an important role in the company’s management, Mint reported. “Through this deal, we will benefit from Louvre’s loyalty programme, reservations and in terms of technology,” Madhok said.

Roulot said the company would consider promoting the Sarovar brand abroad, particularly in the US, The Hindu BusinessLine reported. “We are not a multi-national corporation but a multi-local corporation and always prefer to work with local partners,” he said.

Sarovar runs the Sarovar Premier, Sarovar Portico and Hometel brands as well as The Geoffrey’s Pub and Oriental Blossom. Louvre operates Premiere Classe, Campanile, Kyriad, Tulip Inn, Golden Tulip and Royal Tulip brands which range from 1-star hotels to 5-star hotels categories. Louvre entered the Indian market in 2007, and operates 22 hotels under its Golden Tulip brand.