Leela looking at selling some stake in Delhi, Chennai hotels

Hotel Leelaventure Ltd today said it is looking at selling some stake in some of its properties like the ones at Delhi and Chennai to pare debt.
The firm which owns, operates and manages hotels, palaces and resorts, is likely to hive off the properties into separate entities and sell 74 per cent stake to a foreign investor. Leela will retain 26 per cent stake and continue to manage the five-star hotels.
"The group is in discussions with various investors and continues to evaluate the proposals," Leelaventure said.
In a filing to the BSE earlier this week it had said: "The company is in discussion with various investors and lenders, for raising funds to meet debt servicing obligations".

The company said it has informed exchanges earlier also about discussions with investors and lenders for raising funds to meet debt servicing obligations.