Hotel Leelaventure has agreed to sell a hotel in Goa to a Malaysian company for Rs 725 crore amounting $111 million. This step has been taken as the luxury hotels operator strives to cut its debt. The company will sell its 206-room hotel to a unit of MetTube Sdn. Bhd but will continue to manage it under a contract.
The deal which is the biggest single-asset acquisition in India’s hospitality sector is expected to close by December end. The Goa hotel accounted for 15% of its total income for the last financial year to March 31.
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.
