By BW Hotelier
AFTER SELLING off its Kovalam property in 2011, Hotel Leelaventure Limited (HLVL), announced it has entered into a Business Transfer Agreement (BTA) to sell The Leela Goa to Malaysian company, MetTube Sdn. Bhd. (MetTube), subject to regulatory approvals and specific conditions being met. Ceres Hotels Private Limited (Ceres), a wholly owned Indian subsidiary of MetTube, agreed to acquire the Goa property for a total consideration of Rs 725 crores. The Leela Goa would be transferred to Ceres by way of a slump sale under the BTA subject to satisfaction of certain conditions precedent, including regulatory approvals.
HLVL will continue to manage and operate the property and the hotel will continue to be known as the The Leela Goa’.
Commenting on the transaction, Vivek Nair, Chairman and Managing Director, HLVL, (see photo) said, ’The disinvestment of the Goa Hotel and retaining the management of the hotel under the Leela brand is in line with our strategy to restructure our debt, follow an asset light strategy and manage more hotels.’
Raghav Mittal, President and CEO, MetTube, said, ’This investment signifies the group’s confidence in building and growing businesses in India. As a group we are very proud to have been able to diversify our business lines and make a useful contribution to the Indian economy.’
JM Financial Institutional Securities Limited acted as the sole financial advisor and Cyril Amarchand Mangaldas acted as the sole legal advisor for HLVL. Ernst & Young acted as the sole financial advisor, Khaitan & Co. acted as the Indian legal advisor and Wong & Partners (a member firm of Baker & McKenzie International) advised on Malaysian law for MetTube.
AFTER SELLING off its Kovalam property in 2011, Hotel Leelaventure Limited (HLVL), announced it has entered into a Business Transfer Agreement (BTA) to sell The Leela Goa to Malaysian company, MetTube Sdn. Bhd. (MetTube), subject to regulatory approvals and specific conditions being met. Ceres Hotels Private Limited (Ceres), a wholly owned Indian subsidiary of MetTube, agreed to acquire the Goa property for a total consideration of Rs 725 crores. The Leela Goa would be transferred to Ceres by way of a slump sale under the BTA subject to satisfaction of certain conditions precedent, including regulatory approvals.
HLVL will continue to manage and operate the property and the hotel will continue to be known as the The Leela Goa’.
Commenting on the transaction, Vivek Nair, Chairman and Managing Director, HLVL, (see photo) said, ’The disinvestment of the Goa Hotel and retaining the management of the hotel under the Leela brand is in line with our strategy to restructure our debt, follow an asset light strategy and manage more hotels.’
Raghav Mittal, President and CEO, MetTube, said, ’This investment signifies the group’s confidence in building and growing businesses in India. As a group we are very proud to have been able to diversify our business lines and make a useful contribution to the Indian economy.’
JM Financial Institutional Securities Limited acted as the sole financial advisor and Cyril Amarchand Mangaldas acted as the sole legal advisor for HLVL. Ernst & Young acted as the sole financial advisor, Khaitan & Co. acted as the Indian legal advisor and Wong & Partners (a member firm of Baker & McKenzie International) advised on Malaysian law for MetTube.
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