Hotel Leelaventure, one of the leading players in the Indian hospitality industry, is seeking shareholders’ nod to sell properties in Chennai and Delhi to pay off debt. The company, which sold its Goa hotel in September last year, has sought approval from its shareholders for commencement of process of sale of certain undertaking of the company - The Leela Palace, Chennai and/or The Leela Palace, New Delhi.
Recently, in April, the company was planning to sell its five-star property in Chennai. The company had appointed JM Financial Institutional Securities as financial advisor to facilitate the sale. The 326-room property was built on 4.8 acres.
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.
