The Leela Palaces, Hotels and Resorts

Last updated

The Leela
Type Public
BSE:  500193
NSE:  HLVLTD
Industry Hospitality
Founded Mumbai, India (1986)
Founder C. P. Krishnan Nair
Headquarters
Mumbai
,
India
Key people
Anuraag Bhatnagar (COO)[ citation needed ]
Products Hotels and resorts
Revenue714 crore (US$89 million) (2017)
Owner Brookfield Asset Management
Website www.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]

Contents

History

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 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. [4] By 2009, two more properties were added to this portfolio: The Leela Palace in Udaipur (Rajasthan) and The Leela Ambience Gurgaon.

The Leela Palace, Bangalore. Airport road Bangalore.jpg
The Leela Palace, Bangalore.
The Leela Palace, Chennai. The Leela Palace Chennai.jpg
The Leela Palace, Chennai.

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. [5] 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. [6] 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. [7] There are plans to open new hotels in Hyderabad and Agra. [8]

The company has marketing alliances with US-based Preferred Hotels and Resorts and is a member of Global Hotel Alliance based in Dubai. [9] A previous marketing alliance with Germany-based Kempinski ended in October 2013. [10]

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. [11] [12] [13] 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. [14]

In addition to ITC, there were other suitors for the Leela Hotels & Resorts, including that of Rashid Al-Habtoor [15] a UAE businessman jointly with an Arms Dealer Abhishek Verma [16] 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. [17]

Business structure

The Leela Palaces, Hotels and Resorts is the trading name of Leela Palaces and Resorts Limited. [18] Hotel Leelaventure Limited is the ultimate holding company of the hotel group, and is traded on the Bombay Stock Exchange (BSE :  500193) and National Stock Exchange of India (NSE :  HLVLTD). [18] Hotel Leelaventure Limited is itself part of The Leela Group business conglomerate. [18]

Awards

Related Research Articles

<span class="mw-page-title-main">Hyatt</span> American multinational hospitality company

Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family.

<span class="mw-page-title-main">Brookfield Asset Management</span> Asset management company based in Toronto, Canada

Brookfield Asset Management Inc. is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It focuses on direct control investments in real estate, buildings, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto. It also has corporate offices in New York City, London, São Paulo, Mumbai, Shanghai, Dubai, and Sydney.

<span class="mw-page-title-main">Halcyon Castle</span> Palace in India

Halcyon Castle was built in 1932 in the princely state of Travancore, in the modern-day state of Kerala, India. It was constructed by M.R.Ry Sri Rama Varma Valiya Koil Thampuran, the consort of Maharani Sethu Lakshmi Bayi, as a retreat for their family. In 1964 Valiya Koil Thampuran sold the entire property to the Government of India; since then it has been a luxury hotel. A dispute arose when the India Tourism Development Corporation (ITDC), which was running the hotel, sold it to a private hotel resort group. It has since then been taken under The Raviz Hotels and Resorts and been renovated and restored to its former glory.

Taj Hotels is a chain of luxury hotels and a subsidiary of the Indian Hotels Company Limited, headquartered in Mumbai, India. Incorporated by Jamsetji Tata in 1902, the company is a part of the Tata Group, one of India's largest business conglomerates. The company employed over 20,000 people in the year 2010.

Paresh Maity is an Indian painter. He is a prolific painter in a short career span.

<span class="mw-page-title-main">Indian Hotels Company Limited</span> Hotel hospitality company

The Indian Hotels Company Limited (IHCL) is an Indian hospitality company that manages a portfolio of hotels, resorts, jungle safaris, palaces, spas and in-flight catering services. The company is part of India's Tata Group. The chief executive officer of the company is Puneet Chhatwal. Its major shareholders are Tata Trusts. The flagship hotel of the company is Taj Mahal Palace Hotel in Mumbai, Maharashtra, India. IHCL was founded in 1899 by Jamsetji Tata and is headquartered in Mumbai, Maharashtra. It has more than 196 hotels in 80 locations across 4 continents and in 12 countries, with over 20,000 rooms and 25,000 employees.

<span class="mw-page-title-main">Kerala Tourism Development Corporation</span>

The Kerala Tourism Development Corporation (KTDC) is a public sector undertaking that conducts and regulates the tourism activities in the Indian state of Kerala. The KTDC is headquartered at Thiruvananthapuram and has offices across all the districts of Kerala. The agency also operates hotels, resorts, and tourist rest houses in key locations in the state. Its official slogan is "Official host to God's own country." It is one of the most profitable ventures of the Kerala government.

The Oberoi Group is an award-winning luxury hotel group with its head office in New Delhi, India. Founded in 1934, the company owns and operates 32 luxury hotels and two river cruise ships in 7 countries, primarily under its Oberoi Hotels & Resorts and Trident brands. The group also operates The Oberoi Centre for Learning and Development, which is regarded as one of Asia's top institutions for hospitality education.

<span class="mw-page-title-main">C. P. Krishnan Nair</span> Indian businessman (1922–2014)

Captain Chittarath Poovakkatt Krishnan Nair was an Indian businessman who founded The Leela Group. He was a 2010 recipient of the Padma Bhushan, given by Government of India. He was sometimes popularly known as Captain Nair due to his service in the Indian Army.

<span class="mw-page-title-main">The Park Hotels</span> Indian Hotel Chain

The Park Hotels is a collection of contemporary luxury five-star boutique hotels in India belonging to the Apeejay Surrendra Group, headquartered in Kolkata, West Bengal, India. These hotels are located in Bangalore, Chennai, Hyderabad, Kolkata, Navi Mumbai, New Delhi, Visakhapatnam and Goa. New properties are under construction in Kochi, Kolkata, Pune, Coimbatore and Jaipur.

<span class="mw-page-title-main">ITC Grand Chola Hotel</span> Luxury hotel in Chennai, India

The ITC Grand Chola is a 5-star luxury hotel in Chennai, India. It is located in Guindy, opposite SPIC building and along the same row of buildings as Ashok Leyland Towers. The building, designed by Singapore-based SRSS Architects, is of mixed-use development with three separate wings and is themed after traditional Tamilian Architecture of the Chola Dynasty. The hotel is the ninth hotel in The Luxury Collection brand.

Hilton Chennai is a five-star luxury hotel located on Jawaharlal Nehru Road at Guindy, Chennai, India. It is located next to the Olympia Technology Park and close to the Kathipara Junction. Built in the Indo-Saracenic style with an initial investment of 4,000 million, it is Hilton's fourth Indian property after Hilton (Janakpuri), Hilton Garden Inn (Saket), both in New Delhi, and Hilton Mumbai International Airport. and was inaugurated by Indian Overseas Bank Chairman and Managing Director M. Narendra on 28 February 2011.

<span class="mw-page-title-main">The Leela Palace Chennai</span> Luxury hotel in Chennai, India

The Leela Palace Chennai is a 326-room five star deluxe hotel in Chennai, India. It is located at MRC Nagar, Raja Annamalaipuram, in the Adyar Creek area in the southern end of the Marina Beach. The hotel is designed by Atlanta-based architects Smallwood, Reynolds, Stewart, Stewart and Associates, Inc. and is themed after the Chettinad architecture of Tamil Nadu. With the project cost exceeding 8,000 million, the hotel was expected to open in September 2012. However, delays in construction and operation preparation have pushed its inaugural date to January 2013.

<span class="mw-page-title-main">Oyo Rooms</span> Indian hospitality company

OYO Rooms, also known as OYO Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes and living spaces. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries, including India, Malaysia, UAE, Nepal, China, Brazil, Mexico, UK, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, and the United States.

<span class="mw-page-title-main">Apeejay Institute of Hospitality</span>

Apeejay Institute of Hospitality (AIH), CBD Belapur is an initiative of The Park Hotels and shares its premises with The Park, Navi Mumbai. AIH offers degree programs in Hotel Management –B.Sc. in Hospitality Studies affiliated to University of Mumbai and B.Sc. in Hotel Management and catering operation affiliated to Yashwantrao Chavan Maharashtra Open University All AIH B.Sc. students are conferred with six Professional Development certificates by The Park Hotels in the areas of Specialized Food and Beverage, E-Accommodations, Technology, General Management Skills and Contemporary Trends in the Hospitality Industry upon graduation. The Professional Development Programmes are conducted by the institute in association with The Park Hotels over 3 years. Apeejay Institute of Hospitality (AIH) is a training center for The International Air Transport Association (IATA) and offers IATA Foundation in Travel & Tourism program. AIH is also the center of learning for Apeejay Surrendra Park Hotels. The group's Management training Programme, Executive Training Programme, Professional Development programmes, as well as consultancy projects for the hospitality industry are some of its additional core activities. AIH has a strong alumni network of students working with The Park Hotels, Taj Hotels Resorts and Palaces, Oberoi Hotels & Resorts (OCLD), ITC-HMI, The Leela Palace Chennai, Grand Hyatt Mumbai and Hyatt Regency, Sofitel BKC, ITC Maratha, ITC Grand Chola Hotel, McDonald's, Hotel Royal Tulip and more.

The Leela Group is an Indian business conglomerate founded by Chittarath Poovakkatt Krishnan Nair in 1981, and named after his wife. The hotel division, The Leela Palaces, Hotels and Resorts, is its most well known. It describes itself as involved in: "hotel and resort properties; IT and business parks; as well as, real estate development". Its headquarters are in India.

Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.

Kamat Hotels (India) Ltd is a chain of luxury hotels and hospitality in India. It was founded in 1986 by Late Mr. Venkatesh Krishna Kamat and has since grown to over 10 hotels in 8 cities in India. In Asia, The Orchid Hotel – Ecotel, Mumbai, was the first to receive the Ecotel certification.

References

  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. "How many rooms in leela palace delhi?".
  5. "Best of the Best 2012: Hotels: The Leela Palace New Delhi".
  6. "When was Leela Udaipur built?".
  7. "Leela to open up three more properties in 2021".
  8. "Leela to open up three more properties in 2021".
  9. "Hotel Leela to soon announce global foray with a deal in Dubai".
  10. "The Leela Palaces, Hotels and Resorts".
  11. "Hotel Leelaventure Limited completes sale transaction with Brookfield". www.theleela.com. Retrieved 24 August 2021.
  12. Sapam, Bidya (22 October 2019). "Hotel Leelaventure completes sale of assets to Brookfield". mint. Retrieved 24 August 2021.
  13. "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.
  14. Vyas, Maulik; Zachariah, Reena (27 September 2019). "SAT ends Leela over asset deal with Brookfield, for Now". The Economic Times. Retrieved 19 April 2020.
  15. "habtoor nair dinesh leela - Google Search". www.google.com. Retrieved 19 April 2020.
  16. Happy birthday Abhishek Verma cake cutting with Nair family ~ February 23, 2020, archived from the original on 13 December 2021, retrieved 19 April 2020
  17. "JM FIN ARC conduct in Leela saga questionable (IANS Exclusive)". outlookindia.com. Retrieved 19 April 2020.
  18. 1 2 3 "Leela Hotels: Company Information". Leela Hotels. Retrieved 11 March 2016.
  19. "The Leela Palaces, Hotels and Resorts ranked in Top 10 best hotels brand in the world". Travel + Leisure.
  20. "The Leela Palaces, Hotels and Resorts ranked the fifth best hospitality brand in the world". moneycontrol.
  21. "Experiential Venue Awards 2017- The Leela Palaces, Hotels & Resorts wins the 'India's Favorite Hospitality Group For MICE & Weddings". The Leela.