Hotel Leela Venture Limited (HLVL) has entered into a binding agreement with a fund sponsored by Canada's Brookfield Asset Management to sell four hotels owned by the group in Bengaluru, Chennai, Delhi and Udaipur and a property that it owns in Agra for Rs 3,950 crore, the company said in an exchange filing on Monday.
The transaction includes assignment of all hotel management contracts currently in operation as well as all management contracts for hotels which are currently under development, along with the employees of the hotels, HLVL said.
"Simultaneously, the promoters who own the Leela brand would also be transferring the Leela brand to Brookfield for all hospitality businesses," it said.
JM Financial Limited acted as the exclusive financial advisor to HLVL for this transaction.
“The Leela is rated amongst the top hospitality brands in the world and I am confident that the brand will receive a boost and be further strengthened and continue to be known for its world-class services," said Vivek Nair, chairman and managing director, HLVL.
“We are excited with this opportunity and look forward to completing this transaction at the earliest, while ensuring that all operations remain unaffected. We expect the Leela hotels to continue to be market leaders," said Ankur Gupta, managing director and head-India Real Estate, Brookfield Asset Management.
First Published: Mar 18, 2019 5:38 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Dharamshala Assembly bypoll: BJP rebel in fray, straight contest turns into three-way fight
May 23, 2024 2:52 PM
Not invited to any BJP rallies, events, meetings — Jayant Sinha's reply to showcause notice
May 23, 2024 12:58 PM