Brookfield, a Canadian alternative asset management company, is reportedly planning to list the luxury hotel chain, The Leela Palaces, Hotels & Resorts.
Sources privy to the development told The Economic Times that the asset management company is in discussions with bankers to facilitate the listing process.
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Brookfield had previously committed to investing nearly Rs15bn ($179.7m) in the hotel chain, following an initial deal involving an investment of Rs45bn.
This investment represents the largest-ever foreign investment in the Indian hospitality space, the report said.
The Leela Palaces, Hotels & Resorts was founded by late Captain CP Krishnan Nair, who opened the first hotel, The Leela Mumbai, in 1986.
Over three decades, the brand has established a significant presence in India’s luxury hotel market and is currently owned by a Brookfield-sponsored private real estate fund.
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By GlobalDataThe hotel chain operates properties in major cities and leisure destinations across India, with a portfolio that includes 13 owned and managed hotels.
These properties span across key locations such as Mumbai, New Delhi, Chennai, East Delhi, Udaipur, Bengaluru, Jaipur, Gurugram, Gandhinagar, and now Kovalam and Ashtamudi in Kerala.
In March 2019, it was reported that Brookfield purchased assets of Hotel Leelaventure, which included key hotel properties in Delhi, Bangalore, Udaipur, and Chennai, along with a land parcel in Agra, for Rs39.5bn.
The deal also included the transfer of the Leela brand and trademarks in the hotels and hospitality space to Brookfield for Rs1.5bn.
The completion of the transaction, which was announced in October 2019, came after the Securities Appellate Tribunal dismissed an appeal by ITC, which held a 7.92% interest in Hotel Leelaventure, challenging the sale of the company’s assets to Brookfield on 26 September.
In December 2023, The Leela Palaces, Hotels & Resorts expanded its footprint by signing a management agreement for a new hotel in Sikkim, India.
The Leela Sikkim, owned by SIBIN Group, will be situated on a 17-acre plot in Ranka village and is expected to open in December 2026.
