Canada's Brookfields in race to buy Leela Hotels from JM Financial ARC

Consolidated debt for the hotel chain stood at Rs 36.62 billion at the end of March

Hotel Leela

Canadian investment firm Brookfields is leading the race to acquire luxury hotel chain Leela Hotels, after JM Financial took majority control of the chain following a loan default. Media reports said that JM Financial ARC was in advanced talks to sell the chain after the ARC increased its stake in the hotel to about 75.2 per cent in June this year. The debt-heavy company is struggling for almost a decade amid high fixed cost, pricing pressure and increasing competition from international hotel chains in India. The company had restructured its loans under the earlier ...