- Hotel Leelaventure completes sale of its four assets to Brookfield
- Leelaventure sells its hotel assets in New Delhi, Chennai, Bengaluru, and Udaipur along with a land parcel in Agra to the Canadian real estate giant Brookfield.
- The sale excludes Leelaventure’s assets at Mumbai.
Hospitality firm Hotel Leelaventure Ltd reported that it has completed the sale of its hotel properties and operations to Brookfield Asset Management Inc.
This deal opens the gates of the Indian Hospitality market to Brookfield.
Transfer of Brand name and Trademarks
According to the filing, the Leela brand and trademarks in the hotels and hospitality space have also been transferred to Brookfield for $1.5 Billion.
Resignation of President and CFO
Leelaventure also declared the resignation of its President Rajiv Kaul and Chief Financial Officer Rajan Shah.
Moreover, the company has appointed Umesh Dombe as the Chief Financial Officer.
More about Hotel Leelaventure
C.P Krishnan Nair established Hotel Leelaventure in 1986. There was a time when the Hotel Leelaventure competed with Taj and Oberoi hotels.
However, today the company is selling its assets to clear its debts.
After more than a year of talks with Brookfield, Hotel Leelaventure decided to sell its assets to the Canadian firm.