Brookfield close to acquiring India’s Leela hotels for $627m

The Leela Palace, New Delhi

Canada’s Brookfield Asset Management is close to buying at least four of five luxury hotels and a large land parcel owned by debt-ridden Hotel Leelaventure Ltd for about Rs 4,500 crore, said three people familiar with the development. The deal, which is expected to close early next year, will mark Brookfield’s entry into India’s hospitality sector. It will also give a major boost to Hotel Leelaventure, which had a debt of Rs 3,799 crore as of March 2018.

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