Hotel Leelaventure Ltd has agreed to sell a hotel in Goa to a Malaysian company for Rs 725 cr ($111 million) as the luxury hotels operator strives to cut its debt.
Leelaventure will sell the 206-room hotel to a unit of MetTube Sdn. Bhd but will continue to manage it under a contract, it said in a statement late on Saturday.
Leelaventure expects the deal, which it said was the biggest single-asset acquisition in India's hospitality sector, to close by end-December.
The Goa hotel accounted for 15 per cent of its total income for the last financial year to March 31.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.