Leela Group to sell Delhi, Chennai hotels

Hotel Leelaventure is in talks with sovereign wealth funds of Abu Dhabi, Qatar and Malaysia to sell its prime properties in Delhi and Chennai for about Rs 1,850 crore to reduce its debt. The firm, which owns, operates and manages hotels, palaces and resorts, is likely to hive off the two properties into separate entities. While the foreign investor may pick up 74 per cent interest in the hived-off entities, Leelaventure will retain 26 per cent stake and continue to manage the five-star hotels.