 "Anuraag Bhatnagar, Chief Executive Officer, Leela Palaces Hotels & Resorts Limited.")
Leela Palaces, Hotels and Resorts, announced its international foray on Thursday after it received board approval to sign binding agreements to acquire a 25 per cent stake in a luxury beachfront resort at Palm Jumeirah in Dubai.
“This aligns with our long-term strategy to expand the Leela brand globally and diversify our revenue stream, reinforcing our commitment to sustainable value creation,” the management told investors in a post results interaction.
The Leela will require upfront capital ₹4,370 million for the 25 per cent stake, while private funds, managed by Brookfield, will acquire the balance 75 per cent stake.
The transaction
