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India's Hotel Leelaventure closes sale of hotels, property to Brookfield

Hotel Leelaventure Ltd. closed the sale of four hotels and a property in India to Canada's Brookfield Asset Management Inc. for 39.50 billion rupees.

The company said it used the sale's net proceeds to repay loans from banks and financial institutions. The transaction covered the sale of the company's hotels in Bangalore, Chennai, Delhi and Udaipur cities, as well as Leela Palaces and Resorts Ltd., which owns property and holds licenses for developing a hotel in Agra, India, according to an Oct. 22 release.

The company's promoters also transferred the Leela brand and trademarks in the hotels and hospitality space to Brookfield and received the consideration of 1.50 billion rupees. It said it will continue to own and operate a hotel in Mumbai, land in Hyderabad and its share of apartments under a joint project with Prestige Developers in Bangalore, India.

Meanwhile, Hotel Leelaventure proposed changing its name to HLV Ltd. or some other name, subject to shareholder and other approvals.

As of Oct. 23, US$1 was equivalent to 70.76 Indian rupees.