Brookfield buying hotels and property from India’s Hotel Leela Venture for $767-million GlobeBusiness
India’s Hotel Leela Venture Ltd will sell four of its hotels and a property to a fund sponsored by Canada’s Brookfield Asset Management for 39.50 billion rupees , as part of its restructuring, it said on Monday.
The company will sell four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra to Brookfield. The proceeds of the deal, which will also see the company’s owners transfer the ‘Leela’ brand to Brookfield for all hospitality businesses, will be used to repay existing lenders of the company, Hotel Leela Venture said in a statement.The company will continue to operate its hotel in Mumbai and own some land in Hyderabad and its development project of residential apartments with Prestige Developers in Bangalore.
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