Hotel Leelaventure in talks to sell its prime properties in Delhi and Chennai: Report

In a bid to pare debt, Hotel Leelaventure is reportedly 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. The company, 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. Hotel Leelaventure operates hotels and resorts in India. It also operates spas; and offers facilities for meetings and events, weddings, and social celebrations. The company’s portfolio includes luxury hotels and resorts primarily in Mumbai, Bangalore, Goa, Kovalam, Gurgaon, and Udaipur.