Indian hotels and resorts operator Hotel Leela Venture Ltd., a subsidiary of hospitality to real estate company The Leela Group, plans to divest four of its hotels and a property for 39.50 billion rupees ($576.41 million).
The company is selling the assets to a fund sponsored by Canadian alternative asset manager Brookfield Asset Management.
Hotel Leela Venture will divest four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra to Brookfield as part of its restructuring strategy.
The proceeds of the transaction will be used to repay existing lenders of the company.