Brookfield Asset Management to check into Leela Venture in Rs 3,950 cr deal

Brookfield gets four hotels, property in Agra and hotel management contracts for the price; also has first right of refusal over Mumbai hotel

Hotel Leela Venture has signed a binding contract with Brookfield Asset Management for the slump sale of four hotels, a property in Agra and hotel management contracts for a total transaction value of Rs 3,950 crore, the company said in a notification to the stock exchanges on Monday. Simultaneously, the promoters who own the Leela brand would also be transferring the Leela brand to Brookfield for all hospitality businesses. Brookfield Asset globally owns and operates assets worth $350 billion, with interests in various sectors.

The four hotels that are part of the transaction are located at Bengaluru, Delhi, Udaipur and Chennai.