Leelaventure to sell Delhi, Chennai hotels

New Delhi: Hotel Leelaventure Ltd is in talks with sovereign wealth funds of Abu Dhabi, Qatar and Malaysia to sell its prime properties in Delhi and Chennai for around Rs1,850 crore to pare debt.

The firm, which owns, operates and manages hotels, palaces and resorts, is likely to hive off the two properties into separate entities. While the foreign investor may pick up 74 per cent interest in the hived off entities, Leelaventure will retain 26 per cent stake and continue to manage the five star hotels, industry sources said. The deal is however not yet finalised, they said.