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Hotel Leelaventure on Monday entered into agreement with Reliance Industries to sell its IT park building in Chennai for Rs 170.17 crore, according to a BSE notification.
The property is in the heart of city at MRC Nagar and right next to its hotel which it recently opened.
The deal will be used to reduce the debt of Hotel Leelaventure. The hotels company has a total debt of Rs 4,300 crore. It had borrowed from a consortium of 17 banks.
The stock of Hotel Leelaventure closed marginally lower at Rs 24.55 on the BSE.
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