Hotel Leelaventure has signed a memorandum of understanding (MoU) with Travancore Enterprises (TEPL), to sell its luxury hotel property in Kovalam, Kerala to Travancore Enterprises (TEPL) for Rs 500 crore, in an effort to reduce its debt. The sale will be structured in such a manner that Leelaventure will transfer the hotel undertaking to a special purpose vehicle (SPV), which will be then acquired fully by TEPL.
Pursuant to such transfer of undertaking to the SPV, TEPL shall acquire 100% of the shares of such SPV from Leela for a total cash consideration of Rs 500 crore. Leelaventure said the deal was pursuant to the decision of the board to pursue an 'Asset Light Strategy' to reduce its debt.
The company’s debt is currently estimated at Rs 3,950 crore. It has been looking to raise funds through sale of land and promoter equity to repay debt. The hospitality chain has been holding talks with 2-3 private equity players to raise up to Rs 600 crore.
The company is also actively reviewing proposals for other Management Contracts in other parts of the Country.
| Company Name | CMP |
|---|---|
| Indian Hotel | 781.90 |
| EIH | 393.30 |
| Chalet Hotels | 849.15 |
| Mahindra Holi.&Resor | 334.80 |
| Lemon Tree Hotels | 140.65 |
| View more.. | |
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