Brookfield buys Hotel Leela Venture assets for Rs 3,950 crore

Hotel Leela Venture Monday announced sale of four hotels, including one in the national capital, and a property to Canadian investment fund Brookfield Asset Management for Rs 3,950 crore. The company has entered into a binding agreement with a Brookfield Asset Management sponsored private real estate fund to sell, by way of slump sale, four owned Leela hotels located at Bangalore, Chennai, Delhi and Udaipur and the property that it owns in Agra, Hotel Leela Venture said in a BSE filing. The transaction includes assignment of all hotel management contracts currently in operation as well as all under-development, along with the employees of the hotels, it added. "The total transaction value is Rs 3,950 crore plus the applicable transaction costs," the filing said.