The Leela Palaces, Hotels and Resorts

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The Leela
TypePublic
BSE500193
NSEHLVLTD
IndustryHospitality
FoundedMumbai, India (1986)
FounderC. P. Krishnan Nair
Headquarters
Mumbai
,
India
Key people
Anuraag Bhatnagar (COO)[citation needed]
ProductsHotels and resorts
Revenue714 crore (US$95 million) (2017)
OwnerBrookfield Asset Management
Websitewww.theleela.com

The Leela Palaces, Hotels and Resorts, commonly known as The Leela, is an Indian luxury hotel chain, founded in 1986 by C. P. Krishnan Nair,[1] and owned by Brookfield Asset Management. Currently, The Leela is a group of eleven luxury palaces and hotels.[2]

History[edit]

The Leela Hotels were founded by the owner of The Leela Group, which he named after his wife. Nair bought 11 acres of land near his house in Sahar Village, Mumbai to build his first hotel, The Leela Mumbai, in 1986. It was the first luxury hotel near the current Chhatrapati Shivaji International Airport.[3]

In 1991, a second hotel was opened in Goa. The Leela Goa was designed keeping the overall architecture of the state in mind. The luxury seaside resort has taken its inspiration from Portuguese heritage and is spread over 75 acres of land in South Goa near by Cavelossim Beach.[citation needed]

In 2001, the group's first modern hotel was built with 357 rooms in the IT capital of India, Bangalore, inspired by the Mysore Palace and the architecture of the 13th century Vijayanagara empire, and is surrounded by seven acres of gardens.[citation needed] By 2009, two more properties were added to this portfolio: The Leela Palace in Udaipur (Rajasthan) and The Leela Ambience Gurgaon.[citation needed] The Leela Ambience Gurgaon is the group's first non-owned, managed property. The Leela Palace New Delhi opened in April 2011; the palace is inspired by Sir Edwin Lutyens Delhi.[citation needed] The group opened a new hotel in Chennai in 2013 called The Leela Palace Chennai. The second Managed hotel was taken over in year 2015, in East Delhi, The Leela Ambience Convention Hotel.[citation needed] In 2021, the group further expanded its portfolio with three new hotels; The Leela Palace Jaipur, The Leela Gandhinagar and The Leela Bhartiya City Bengaluru.[citation needed] There are plans to open new hotels in Hyderabad and Agra.[citation needed]

The company has marketing alliances with US-based Preferred Hotels and Resorts and is a member of Global Hotel Alliance based in Dubai.[citation needed] A previous marketing alliance with Germany-based Kempinski ended in October 2013.[citation needed]

In a deal in October 2019, the company sold its hotel properties and operations as well as hotel assets located in New Delhi, Bengaluru, Chennai, Udaipur to Canada-based Brookfield Asset Management, in an INR 3,950 crore settlement, marking the entry of Brookfield in India’s hospitality market.[4][5][6] ITC Group had objected to the sale of Leela owned hotels citing reasons of misappropriation of funds in the sale transaction which was led by the consortium of banks and also due to the fact the interests of minority shareholders was overlooked and other bids submitted by interested bidders were not considered by JM Financial the Asset Reconstruction Company in Mumbai. The Securities Appellate Tribunal in September 2019 rejected the petition of ITC clearing the way for Brookfield to acquire the hotels.[7]

In addition to ITC, there were other suitors for the Leela Hotels & Resorts, including that of Rashid Al-Habtoor[8] a UAE businessman jointly with an Arms Dealer Abhishek Verma[9] who submitted their bid of US$600 million in January 2019 however their bids were not entertained and questions were raised on the conduct of JM Financial in this sale transaction.[10]

Business structure[edit]

The Leela Palaces, Hotels and Resorts is the trading name of Leela Palaces and Resorts Limited.[11] Hotel Leelaventure Limited is the ultimate holding company of the hotel group, and is traded on the Bombay Stock Exchange (BSE500193) and National Stock Exchange of India (NSEHLVLTD).[11] Hotel Leelaventure Limited is itself part of The Leela Group business conglomerate.[11]

Awards[edit]

  • Travel + Leisure USA World’s Best Awards – The Leela Palaces, Hotels and Resorts ranked in Top 10 best hotels Brands in the world, July 2019 [12]
  • Travel + Leisure USA World’s Best Awards – The Leela Palaces, Hotels and Resorts ranked the fifth best hospitality brand in the world, July 2016 [13]
  • Experiential Venue Awards 2017- The Leela Palaces, Hotels & Resorts wins the 'India's Favorite Hospitality Group For MICE & Weddings', July 2017[14]

References[edit]

  1. ^ Philip, Lijee. "CP Krishnan Nair: The man who started a career when most think of retirement". The Economic Times. Retrieved 27 December 2020.
  2. ^ "Book 8 The Leela Hotels Online in 7 Cities - Goibibo". www.goibibo.com. Retrieved 27 December 2020.
  3. ^ "Introduction and History". www.theleela.com. Retrieved 1 September 2016.
  4. ^ "Hotel Leelaventure Limited completes sale transaction with Brookfield". www.theleela.com. Retrieved 24 August 2021.
  5. ^ Sapam, Bidya (22 October 2019). "Hotel Leelaventure completes sale of assets to Brookfield". mint. Retrieved 24 August 2021.
  6. ^ "Most beautiful 5-star hotel in Udaipur, Leela gets sold, Brookfield purchases for 2.13 billion". News Track. 26 October 2019. Retrieved 24 August 2021.
  7. ^ Vyas, Maulik; Zachariah, Reena (27 September 2019). "SAT ends Leela over asset deal with Brookfield, for Now". The Economic Times. Retrieved 19 April 2020.
  8. ^ "habtoor nair dinesh leela - Google Search". www.google.com. Retrieved 19 April 2020.
  9. ^ Happy birthday Abhishek Verma cake cutting with Nair family ~ February 23, 2020, archived from the original on 13 December 2021, retrieved 19 April 2020
  10. ^ "JM FIN ARC conduct in Leela saga questionable (IANS Exclusive)". outlookindia.com. Retrieved 19 April 2020.
  11. ^ a b c "Leela Hotels: Company Information". Leela Hotels. Retrieved 11 March 2016.
  12. ^ "The Leela Palaces, Hotels and Resorts ranked in Top 10 best hotels brand in the world". Travel + Leisure.
  13. ^ "The Leela Palaces, Hotels and Resorts ranked the fifth best hospitality brand in the world". moneycontrol.
  14. ^ "Experiential Venue Awards 2017- The Leela Palaces, Hotels & Resorts wins the 'India's Favorite Hospitality Group For MICE & Weddings". The Leela.

External links[edit]