Hotel Leela Venture signs binding agreement with Brookfield

Mumbai : Hotel Leela Venture (HLVL) has entered into a binding agreement with a Brookfield Asset Management sponsored private real estate fund, to sell by way of slump sale, four owned Leela hotels located at Bangalore, Chennai, Delhi and Udaipur and the property that it owns in Agra.

The transaction also 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. The total transaction value is Rs 3950 crore plus the applicable transaction costs.

Simultaneously, the Promoters who own the Leela brand would also be transferring the Leela brand to Brookfield for all hospitality businesses.

Hotel Leela venture is an India-based holding company, which is engaged in hoteliering business. The company is engaged in providing accommodation and food services, and food and beverage services.

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