India's fourth largest hospitality chain, The Nairs of Hotel Leelaventure are in exploratory talks to sell their upcoming beachfront luxury property in Chennai to NRI industrialist Mr. Ravi Pillai as they seek to reduce the company's debt. Last august month, Hotel Leelaventure sold its Kovalam property to Ravi Pillai for Rs 500 crore.
Talks are at a very preliminary stage. The 14-storeyed Leela hotel about 330 rooms, which draws inspiration from Chettinad architecture, would throw open its doors in January 2012. The property is valued nearly Rs 900 crore.
Hotel Leelaventure's total debt stood at Rs 3,830 crore at the end of FY 2010-11 which it aims to bring down to Rs 1,000 crore over the next 4 years.
Talks are at a very preliminary stage. The 14-storeyed Leela hotel about 330 rooms, which draws inspiration from Chettinad architecture, would throw open its doors in January 2012. The property is valued nearly Rs 900 crore.
Hotel Leelaventure's total debt stood at Rs 3,830 crore at the end of FY 2010-11 which it aims to bring down to Rs 1,000 crore over the next 4 years.
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