Five new properties will be developed by Hotel Leela
The luxury hospitality player Hotel Leela venture has planned to open five new properties over the next five years.
Currently, the hotel chain operates seven properties, out of which five those in Mumbai, Bangalore, Goa, Udaipur and New Delhi are owned by it, while the recently launched Gurgaon property and Leela Kovalamm, one of its oldest properties in India, and are under its management.
Last August, the company sold the Kovalam property to an NRI for Rs 500 crore.
The company has planned to open two new properties in Chennai and Jaipur by the end of this year.
The company has a debt of nearly Rs 4,300 crore and its lenders consortium led by Indian Overseas Bank, Syndicate Bank and Bank of India, have referred it the CDR cell seeking to recast Rs 3,000 crore of the loan amount.
However, the CDR scheme is yet to be approved by the lenders despite the promoters agreeing to raise Rs 150 crore in fresh capital.
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Commercial Property Has Strong Demand over the last few quarters
Source: Economic Times
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Very interesting post!