Brookfield-backed Leela Palaces to add 7 properties by 2028 in domestic, global push
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Brookfield Asset Management-owned The Leela Palaces, Hotels and Resorts plans to open seven hotels by 2028 in India and select international destinations. The new properties will add more than 678 keys, expanding the luxury hospitality company's portfolio by 19%, a senior official said.
'We are actively working on seven new hotels to be added by 2028 across heritage, spiritual, wellness, and nature-led destinations. These are in various stages of acquisition and development and will be a mix of owned and managed assets,' said Ankur Gupta, managing partner and head of Asia Pacific and Middle East at Brookfield Asset Management.
Over the last six years, the company has grown its portfolio to 13 hotels from eight, increasing its total inventory to 3,553 keys from 2,495. It comprises five owned hotels, while seven are managed, and one hotel is owned and operated by a third-party owner under a franchise arrangement.The Leela brand of hotels is run by Schloss Bangalore Ltd, which is aiming to raise up to Rs 3,500 crore through a public issue that opens on May 26 with a price band of Rs 413 to Rs 435 per share. The offer will comprise a Rs 2,500-crore fresh issue and a Rs 1,000-crore share sale by promoter Project Ballet Bangalore Holdings. The company has cut the IPO size from Rs 5,000 crore owing to improved cash flow over the last 12 months including robust on-year performance.ET reported in April 2024 that Brookfield was looking to list The Leela Palaces. Brookfield acquired the company for Rs 3,950 crore In October 2019, giving it ownership of hotels in Delhi, Bengaluru, Chennai, Udaipur, and land in Agra, excluding the Mumbai property, for which it holds a right of first refusal.
Domestically, The Leela is focusing on gateway cities like Mumbai and growth segments such as wildlife, heritage, wellness, and spiritual tourism, which are experiencing rising demand from domestic and international travellers.Gupta said The Leela is also exploring opportunities in underpenetrated luxury markets overseas like the Maldives and Dubai. These destinations align with The Leela's premium guest profile and offer potential for a seamless extension of its brand experience overseas, he said.The Leela's expansion plans come at a time when India's hospitality sector is undergoing a robust post-pandemic revival, supported by increased domestic travel, rising disposable incomes, and growing demand for personalised luxury travel.
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