Consortium explores $350m investment in Hotel Leelaventure

A consortium that includes Thailand-based Minor International is exploring options to make an investment of around $350m in Hotel Leelaventure.

This offer is claimed to have the backing of investment firm Trinity White City Ventures.

It will be a combination of equity and debt, reported Bloomberg, citing persons familiar with the matter.

If the deal materialises, the consortium will own majority stake in India-based Hotel Leelaventure.

According to the persons, the deliberations may not necessarily lead to an agreement.

Hotel Leelaventure operates nine properties across India. Among its luxury properties include The Leela Palace Udaipur in the North Indian state of Rajasthan and The Leela Kovalam in the South Indian state of Kerala.

Minor’s hotel unit CEO Dillip Rajakarier was quoted by the publication as saying: “Minor is always on the lookout for good investment opportunities, which includes Hotel Leela.

“But nothing is set in stone. We are currently exploring the option.”

Leelaventure spokeswoman told the publication that “right now there is nothing that we can share.” She added that an official announcement will be made “once anything is finalised and we move towards a decision.”

Minor has been on an expansion spree through acquisitions. It invested $2.6bn this year to acquire control of Spain-based NH Hotel Group.

Earlier this year, Trinity White City Ventures abandoned its plan to buy New York-based Plaza Hotel for $600m. This transaction was aborted following several lawsuits over the sale process of the hotel. Eventually, the iconic hotel was sold to Qatari firm.