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| Company type | Public |
|---|---|
| NSE: THELEELA BSE: 544408 | |
| Industry | Hospitality |
| Founded | Mumbai, India (1986) |
| Founder | C. P. Krishnan Nair |
| Headquarters | Mumbai ,India |
| Products | Hotels andresorts |
| Revenue | ₹714 crore (US$84 million) (2017) |
| Owner | Brookfield Asset Management |
| Website | www |
The Leela Palaces, Hotels and Resorts is an Indian luxuryhotel chain founded in 1986 byC. P. Krishnan Nair and currently owned byBrookfield Asset Management.[1]
The Leela Palaces, Hotels and Resorts were founded as part ofThe Leela Group, which was named after the founderC. P. Krishnan Nair's wife. Capt. Nair bought 11 acres of land near his house inSahar Village, Mumbai to build his first hotel, The Leela Mumbai, in 1986. It was the firstluxury hotel near the currentChhatrapati Shivaji International Airport.[2]
Headquartered in Mumbai, The Leela Palaces, Hotels and Resorts is owned by a Brookfield Asset Management-sponsored private real estate fund and operates twelve award-winning properties in major cities and leisure destinations across India. These include the flagship hotel in the capital city of New Delhi, Bengaluru, Chennai, Udaipur, Jaipur, Gurugram, East Delhi, Mumbai, Gandhinagar, Kovalam and Ashtamudi.
In 2001, the group's first modern hotel was built with 357 rooms in the IT capital of India, Bangalore, inspired by theMysore Palace and the architecture of the 13th centuryVijayanagara empire, and is surrounded by seven acres of gardens.[3] By 2009, two more properties were added to this portfolio: The Leela Palace inUdaipur (Rajasthan) and The Leela AmbienceGurgaon.
The Leela AmbienceGurgaon Hotel & Residences is the group's first non-owned, managed property. The Leela Palace New Delhi opened in April 2011; the palace is inspired by SirEdwin Lutyens Delhi.[4] The group opened a new hotel inChennai in 2013 called The Leela Palace Chennai. The second Managed hotel was taken over in year 2015, in East Delhi, The Leela Ambience Convention Hotel.[5] In 2021, the group further expanded its portfolio with three new hotels; The Leela Palace Jaipur, The Leela Gandhinagar and The Leela Bhartiya City Bengaluru.[6] There are plans to open new hotels in Hyderabad, Sikkim and Agra.[7]
The brand has marketing alliances with US-basedPreferred Hotels and Resorts and is a member ofGlobal Hotel Alliance based in Dubai.[8] A previous marketing alliance with Swiss-basedKempinski ended in October 2013.[9]
In a deal in October 2019, the company sold its hotel properties and operations as well as hotel assets located in New Delhi, Bengaluru, Chennai, Udaipur to Canada-basedBrookfield Asset Management, in an INR 3,950 crore settlement, marking the entry of Brookfield in India’s hospitality market.[10][11][12]
ITC Group had objected to the sale of Leela owned hotels citing reasons of misappropriation of funds in the sale transaction which was led by the consortium of banks and also due to the fact the interests of minority shareholders were overlooked, and other bids submitted by interested bidders were not considered byJM Financial, the asset reconstruction company in Mumbai. The Securities Appellate Tribunal in September 2019 rejected the petition of ITC clearing the way for Brookfield to acquire the hotels.[13]
In addition to ITC, there were other suitors for the Leela Hotels & Resorts, including that ofRashid Al-Habtoor[14] a UAE businessman jointly with anArms DealerAbhishek Verma[15] who submitted their bid of US$600 million in January 2019 however their bids were not entertained and questions were raised on the conduct of JM Financial in this sale transaction.[16]
The Leela Palaces, Hotels and Resorts is the trading name ofLeela Palaces and Resorts Limited.[17]Hotel Leelaventure Limited is the ultimateholding company of the hotel group, and is traded on theBombay Stock Exchange (BSE: 500193) andNational Stock Exchange of India (NSE: HLVLTD).[17] Hotel Leelaventure Limited is itself part ofThe Leela Group businessconglomerate.[17]
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