Mumbai, March 22
Hotel Leelaventure plans to buy about an acre of land in Bangalore, adjacent to its existing property, the Leela Palace, as part of its plans to add an additional wing of 120 rooms. The acquisition would increase the FSI, enabling the hotel to add around 30 rooms to the new wing. The expansion is expected to be complete by October this year. Mr R. Venkatachalam, Director, Finance and the Chief Financial Officer, Hotel Leelaventure Ltd, said the hotel would finance the acquisition through internal accruals. He did not specify the amount, saying it was a small sum.
A notice posted on the Bombay Stock Exchange on Wednesday said the board of directors would meet on March 30 to consider the purchase of land.