Hospitality

UK’s Carnival Group offers to buy Leela Chennai for 850 cr

CHENNAI

Debt-strapped Hotel Leela Venture has received a solitary bid for its Chennai hotel from The Carnival Group of the UK.

The transaction has entered a crucial stage, and now hinges on how big a haircut can the Leela promoters and the lender consortium take as the bid value at Rs 850 crore is lower than promoter expectations of at least Rs 1,000 crore.

Leela Chennai and Leela Delhi are on the block to raise funds to pare the group’s debt. The Chennai hotel is a 326-key sea-facing property in MRC Nagar in South Chennai.

Read more at Economic Times

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