Hotel Leela Venture Enters Into Binding Contract With Brookfield
Hotel Leela Venture Limited (HLVL), announced that it has entered into a binding agreement with a Brookfield Asset Management (Brookfield) 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 crores plus the applicable transaction costs. This is subject to the approval of shareholders, lenders and other regulatory and statutory approvals. Simultaneously, the Promoters who own the Leela brand would also be transferring the Leela brand to Brookfield for all hospitality businesses.