India’s Hotel Leela Venture Limited has entered into a binding agreement with Canadian asset management firm Brookfield Asset Management to sell four owned Leela Palaces & Resorts hotels located in Bangalore, Chennai, Delhi and Udaipur, as well as the Leela brand.
The deal also includes all hotel management contracts in operation and under development. Employees of the hotels are also included in the transaction. The price tag of the deal is $572.5 million.
Leela will continue its operation of a hotel in Mumbai, and it also will be allowed to develop a hotel in Agra at the site of the Taj Mahal, which Brookfield will own.
Photo, The Leela Palace Bengaluru: Courtesy of Leela Palaces & Resorts