Hotel Leelaventure has received an approval for sale of the company’s commercial building which was recently constructed at Chennai for a consideration of Rs 172 crore and the sale proceeds will be utilized for reduction of debt. The board at its meeting held on November 02, 2012 has approved for the same.
Besides, the company has executed a memorandum of understanding (MoU) and will be shortly executing a management contract with Bhartiya City Developers, which is constructing a luxury hotel with 250 guest rooms, The Leela Residences and a Convention Centre in Bangalore. The project was launched on October 27, 2012 and the property is expected to be completed in 48 months.
Further, the company has also executed a MoU and will shortly executing a management contract with Supertech Realtors, to manage a The Leela Palace Hotel in Noida with 250 guest rooms and The Leela Residences. The project will also be completed in the next 4 years.
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.
