Hotel Leelaventure completes Rs 725 crore sale of Goa property

Hospitality chain HotelLeelaventure today completed the Rs 725-crore sale of its Goa property to Ceres Hotels.

The sale of ‘The Leela, Goa’ has been completed on December 14, 2015, Hotel Leelaventure said in a filing to BSE.

“The shareholding of the company shall remain unaffected pursuant to the aforesaid sale,” it added.

The company had earlier in September this year had announced entering into a pact with Malaysia-based MetTube to sell the Goa property for a consideration of Rs 725 crore as part of its debt restructuring process.

The property was to be acquired by Ceres Hotels Private Ltd, a wholly-owned Indian subsidiary of MetTube.

“The disinvestment of the Goa hotel and retaining the management of the hotel under the Leela brand is in line with our strategy to restructure our debt, follow an asset light model and manage more hotels,” Hotel Leelaventure CMD Vivek Nair had said in a statement.