I am pleased to present you the 39th Annual Report and Financial Statementsfor the year ended 31st March 2020 of HLV Limited (formerly known asHotel Leelaventure Limited).
It is our aim to continue to be recognized as a leading luxury hotel in India. Ourphilosophy is deeply rooted in the tradition and ethos of legendary warm Indianhospitality. Our service culture and our values both focus on delivering experience thatmakes guests feel like unique individuals. It is the seamless coordination teamwork anddedication among us that help us in maintaining our high standards.
As a Member you are aware that in order to pay the debts of the Company the Companycompleted the transactions with BSREP III India Ballet Pte. Ltd. ( ) for sale of theCompany's hotel undertakings in Delhi Bengaluru Chennai and Udaipur as well as theCompany's business of hotel management operations and sale of the 100% shareholdings ofthe Company in Leela Palaces and Resorts Limited (LPRL) which owned property and heldlicenses for the development of a hotel in Agra. It was a composite transaction for saleof the aforementioned hotels and related assets as well as the trade marks brand otherassociated brands and intellectual property rights. The proceeds received out of thistransaction had been used to repay the lenders of the Company by way of a onetimesettlement. Consequent to the transaction now the Company operates only one hotel"The Leela Mumbai".
Also as per the understanding with Brookfield the Company changed its name from"Hotel Leelaventure Limited" to "HLV Limited".
The Company started feeling the ripple effects of the global COVID-19 turmoil towardsthe end of February 2020 which worsened at the beginning of March. Occupancy at the hoteldeclined rapidly. Such a steep decline in such a short period of time has never beenwitnessed by the Company.
Given the national lockdown announcement by the Government of India and the guidelines/ directives issued by the Central and State Governments and other regulatoryauthority(ies) for the hospitality and other sectors the Company had to suspend itsoperations.
In these difficult times caused by the COVID outbreak around us the Company may facesignificant challenges for some time but I am confident that we will adapt and continueto deliver our Brand Promise of outstanding service. We have had an extraordinarybackground and an excellent legacy that will continue to position us as one of the finesthotels in India.
I wish to convey my sincere thanks to our valued shareholders and seek their continuedsupport and trust in us. I also acknowledge the support of the Board Management andassociates of "The Leela
Mumbai" and the management of Brookfield for their commitment and commendableefforts and look forward to their continued wholehearted support who stood by the Companyduring the difficult times the Company had to endure.
|Vivek Nair |
|Chairman & Managing Director |
|HLV Limited |
|(Formerly Hotel Leelaventure Limited) |