Hotel Leelaventure is in talks with Saudi Prince Alwaleed bin Talal to sell its Chennai, Goa and Delhi properties in India. The hotel chain is negotiating with Kingdom Holding Co. (KHC) to raise Rs 3,000 crore (US$477 million).
Leelaventure missed the first deadline to raise funds by JM Financial Assett Reconstruction Company (ARC), which already acquired 97% of the hotel chain’s debt from lenders. Reportedly, if capital is not brought in by the end of December, ARC plans to float a global tender for the sale of the properties.
Vivek Nair, chairman and managing director of Leelaventure, has denied any discussion with KHC.
Additionally, The Leela Palaces, Hotels and Resorts and Summit Group of Nepal signed a memorandum of understanding to collaborate on the first of four new hotels. The Leela Kathmandu is expected to be complete in 2016.