INSUBCONTINENT EXCLUSIVE:
The shareholding of the company will remain unaffected after the sale, said Hotel Leela VentureHotel Leela Venture will sell four of its
hotels and a property to a fund sponsored by Canada's Brookfield Asset Management for Rs 3,950 crore ($576.41 million), as part of its
restructuring, it said on Monday.The company will sell four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra
to Brookfield.The proceeds of the deal, which will also see the company's owners transfer the 'Leela' brand to Brookfield for all
hospitality businesses, will be used to repay existing lenders of the company, Hotel Leela Venture said in a statement.The company will
continue to operate its hotel in Mumbai and own some land in Hyderabad and its development project of residential apartments with Prestige
Developers in Bangalore.The shareholding of the company will remain unaffected after the sale, Hotel Leela Venture said.Get the latest
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