Leela Hotels Group announced a management contract with real estate player Supertech in Noida to manage a 250-room luxury hotel. The hotel chain will also manage branded residences built by Supertech under the same project.
Vivek Nair, Vice-Chairman and Managing Director, Leela Hotels, Palaces and Resorts, said, “We will be following the asset light strategy and expect to have tie-ups for four additional hotels under management contracts which we will finalise in a few months.”
The company plans to manage a property at Jaipur and another at Bangalore near the international airport and look at other metros through similar management contract strategy.
The hotel chain currently has eight hotels with 2,200 rooms at Bangalore, Gurgaon, Mumbai, New Delhi, Chennai, Goa, Kovalam and Udaipur. Out of eight hotel properties, six are owned and two are run under management contracts at Kovalam and Gurgaon. “We will look at joint ventures with investors for building our hotels in Agra and Ashtamudi (Kerala),” Nair added.
The company also plans to raise about Rs 700 crore through the sale of its non core assets. Asked about the sale of the business park at Chennai, Nair said the deal was in the final stages but refused to give details.