Hotel Leela inks joint development pact with Prestige group

Hotel Leela Venture has inked a joint development agreement with Prestige group to develop its surplus land in Bangalore. The project -- Prestige Leela Residences -- will come up on Leela’s land on Old Airport Road next to its hotel Leela Palace, at an expected investment of around Rs 110 crore. The deal is part of Leela Venture’s strategy to monetise non-core assets. The project is spread over 0.36 million sq ft.

Similarly, the company has signed an agreement with the Bhartiya Group for managing a Leela Hotel, near the International Airport, with 250 guestrooms and a Convention Centre for 1,500 people.

Hotel Leela Venture 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.