India's Hotel Leela Venture Ltd will sell four of its hotels and a property to a fund sponsored by Canada's Brookfield Asset Management for 39.50 billion rupees ($576.41 million), as part of its restructuring, it said this week.
The company will sell four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra to Brookfield.
The proceeds of the deal, which will also see the company's owners transfer the "Leela" brand to Brookfield for all hospitality businesses, will be used to repay existing lenders of the company, Hotel Leela Venture said in a statement.
Mumbai Hotel, Hyperabad Land And Bangalore Apartments
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The company will continue to operate its hotel in Mumbai and own some land in Hyderabad and its development project of residential apartments with Prestige Developers in Bangalore.
The shareholding of the company will remain unaffected after the sale, Hotel Leela Venture said.