Hospitality sequence Hotel Leelaventure has entered into a agreement with Malaysia-based MetTube to sell Goa skill for a care of Rs 725 crore as partial of a debt restructuring process.
The skill will be acquired by Ceres Hotels, a unconditionally owned Indian auxiliary of MetTube. However, Leelaventure will continue to work a hotel underneath Leela brand.
“Leelaventure house in a assembly currently motionless a sale of whole endeavour of a association regarding to a hotel in Goa, The Leela Goa, on unemployment sale basement for a care of Rs 725 crore”, it pronounced in a matter on Saturday.
The hotel would be eliminated by business send agreement to Ceres Hotels.
“The disinvestment of a Goa hotel and maintaining a government of a hotel underneath a Leela code is in line with a plan to restructure a debt, follow an item light indication and conduct some-more hotels,” Hotel Leelaventure CMD Vivek Nair pronounced in a statement.
The association reportedly had a debt of around Rs 5,000 crore as of Mar this year. As per a terms of a Corporate Debt Restructuring (CDR) package, a association had to revoke a debts by sale of assets.
“This investment signifies a group’s certainty in building and flourishing businesses in India,” pronounced MetTube President and Chief Executive Officer (CEO) Raghav Mittal.
Before a sale of hotel in Goa, Hotel Leelaventure had a sum portfolio of 6 association owned and dual managed oppulance palaces and hotels in India.
MetTube is partial of a Lord Bagri promoted Metdist Group.