Industry Update
External Article22 April 2014

Leela group to sell Delhi, Chennai hotels

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indiatimes.com

Hotel Leelaventure Ltd is in talks with sovereign wealth funds of Abu Dhabi, Qatar and Malaysia to sell its prime properties in Delhi and Chennai for around Rs 1,850 crore to pare debt. The firm, which owns, operates and manages hotels, palaces and resorts, is likely to hive-off the two properties into separate entities. While the foreign investor may pick up 74% interest in the hived-off entities, Leelaventure will retain 26% stake and continue to manage the five-star hotels, industry sources said.

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The Leela

The Leela Palaces, Hotels and Resorts, headquartered in Mumbai, India, is owned by Hotel Leelaventure Ltd. The ultra-luxury hotel group owns and manages eight award-winning luxury hotels in prime urban locations and magical holiday destinations across India including Mumbai, New Delhi, Gurgaon, Bangalore, Chennai, Goa, Udaipur and Kovalam.
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