India: Hotel Leelaventure may sell 24% stake to a financial investor to cut debt

India: Hotel Leelaventure may sell 24% stake to a financial investor to cut debt

Hotel Leelaventure chairman Vivek Nair said his firm would have at least 14 hotels with over 2,200 rooms under management contract in the next one-two years, apart from five hotels of its own. Photo: Hemant Mishra/Mint

Hotel Leelaventure Ltd may sell at least 24% stake to a financial investor to reduce debt as it charts an asset-light model for expansion, the luxury hotel chain’s top executive said.

“We are talking to three to four international investors, who recognize our expertise in running hotels,” said Vivek Nair, chairman and managing director of the firm, which owed lenders Rs.5,033.81 crore on 31 March.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter