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Time of India
12 hours ago
- Business
- Time of India
MMRDA allots 2.1-acre land in Mumbai's BKC to Schloss Bangalore for Rs 1,302 cr
The Mumbai Metropolitan Region Development Authority (MMRDA) has allotted a prime land parcel spread over nearly 2.1 acre in Mumbai's business district Bandra-Kurla Complex (BKC) to a consortium led by Brookfield Asset Management-backed Schloss Bangalore for a lease premium of Rs 1,302 crore. The luxury hospitality company that owns, develops and operates The Leela Palaces, Hotels & Resorts is planning a mixed-use project, including a 250-key luxury hotel on this plot. The land parcel in the G block of BKC has a total permissible built-up area of over 3.62 lakh sq ft. Of the total payable premium for the 80-year lease, 25% is payable within two months of the offer of allotment and the remaining 75% within ten months thereafter. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký 'The plot area mentioned above is subject to actual demarcation of the site and may vary as per site condition. The possession of the aforesaid plot shall be handed over after the payment of the total lease premium,' the newly listed company said in a regulatory filing on Tuesday. A Schloss Bangalore-led consortium including Arliga Ecospace Business Park and Schloss Chanakya had submitted its bid for the land parcel in February. Live Events The company is aiming to deepen its presence in key domestic markets while selectively extending its footprint overseas with plans to add seven more hotels by 2028, adding over 678 keys, a 19% increase over its current capacity, Ankur Gupta, Managing Partner and Head of Asia Pacific and Middle East, Brookfield Asset Management, had recently told ET. '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,' he said. Over the last six years, the brand has grown its portfolio from eight to 13 hotels, increasing its total inventory from 2,495 to 3,553 keys. It comprises five owned hotels, seven managed hotels, and one hotel which is owned and operated by a third-party owner under a franchise arrangement.
Mint
22-05-2025
- Business
- Mint
IPO-bound Schloss to expand ‘Leela' portfolio, enter new segments
MUMBAI : Brookfield-backed Schloss Bangalore Ltd, which will launch India's largest hospitality initial public offering (IPO) next week, plans to open seven new 'Leela' branded luxury hotels in spiritual, hill stations, wildlife, heritage and grandeur, and business categories in the next three new hotels will be built in Ayodhya, Ranthambore, Gangtok, Srinagar, Bandhavgarh, Agra, and Mumbai, as Schloss plans to expand its portfolio to 20 from 13 hotels, catering to the luxury traveller, said top company officials. Schloss, which operates 'The Leela' brand of hotels across cities, will launch its IPO on 26 May to raise ₹3,500 crore, including a fresh issue of ₹2,500 crore and an offer of sale (OFS) worth ₹1,000 crore. The three-day IPO will close on 28 May. Also Read: Prestige Hospitality plans to file draft papers for ₹2,000-2,500 cr IPO in April Schloss' original plan was to raise ₹5,000 crore through an IPO when it had filed the draft papers with the market regulator last year. Brookfield support 'Business has been fantastic in the last six months, and a lot of internal cash has been generated, reducing the need for a larger issue. The current net debt is around ₹2,500 crore, which will reduce to zero after the IPO," Ankur Gupta, managing partner, head of real estate for Asia Pacific & Middle East, Brookfield, said in an interview with Mint. In 2019, Hotel Leelaventure Ltd completed the sale of its hotel properties to Canada's Brookfield Asset Management for ₹3,950 crore. C.P. Krishnan Nair set up the hotel chain in 1986. The upcoming Leela IPO will be Brookfield's second public listing of a company in India. The first was in 2021, when Brookfield India Real Estate Trust (Brookfield India REIT), which comprises Grade-A office assets, was launched through an IPO. Grade A office assets means assets in superior locations, good quality and amenities, among other Leela business has been scaled up by Brookfield and aims to grow further going forward. Also Read: Blackstone leads the race to acquire AGS in a $1.3 bn deal Schloss has 13 hotels with 3,353 keys, and the seven new hotel projects will add another 678 keys. Five of the seven new hotels will be owned, and the remaining two will be managed or franchised. 'Our focus is on luxury, which is where demand is being generated. In comparison, the supply of luxury hotels is limited. We are also launching an exclusive, members-only, by invitation club in various locations including Delhi, Bengaluru and Chennai," said Anuraag Bhatnagar, CEO, The Leela. More hotel IPOs Even though analysts and bankers now perceive the primary market as less vibrant than last calendar year, the scenario for hotels and hospitality companies is somewhat different, especially with rising average individual income and a palpable desire among the country's urban youth to spend on luxury work stays and family vacations. According to the India Hotel Market Review 2024, released by hotel consultancy Horwath HTL in February, the organized hotel industry is set to add more than 100,000 rooms to surpass the 300,000-mark by 2029. For the first time, hotel chains crossed the 200,000 branded room mark, adding 14,000 rooms to India's inventory in 2024. Also Read: Why fractional real estate platform Strata surrendered its Sebi licence Recently, Prestige Hospitality Ventures Ltd filed draft papers for a ₹2,700 crore IPO. It follows a slew of hospitality IPOs in recent months, including Samhi Hotels (in September 2023), Juniper Hotels (February 2024), Park Hotels (February 2024) and, most recently, the December listing of Ventive Hospitality Ltd, a joint venture between real estate developer Panchshil Realty and global asset manager Hotel Ventures Ltd has also received the approval for a ₹900 crore IPO.
Economic Times
21-05-2025
- Business
- Economic Times
Brookfield-backed Leela Palaces to add 7 properties by 2028 in domestic, global push
Representative Image 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 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 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 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 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.
Time of India
21-05-2025
- Business
- Time of India
Brookfield-backed Leela Palaces to add 7 properties by 2028 in domestic, global push
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. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop And Nudges Her To Follow - Watch What Happens Happy in Shape Undo 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. Live Events 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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Business Standard
21-05-2025
- Business
- Business Standard
Leela hotels-owner Schloss cuts IPO size by 30% as debt burden eases
Schloss Bangalore [ the owner of Indian luxury hotel chain 'The Leela', is seeking a valuation of up to $1.7 billion after cutting its initial public offering (IPO) size by 30% due, in part, to a smaller debt load, it said on Wednesday. Schloss set a price band of 413 rupees to 435 rupees per share for the downsized $409 million IPO, valuing the company at about 145 billion rupees ($1.7 billion) at the upper end of the band. Schloss is selling shares worth 25 billion rupees in the IPO, about 17% less than originally planned, while Brookfield Asset Management is selling shares worth 10 billion rupees, or about 8% of its overall stake, the IPO prospectus showed. The main reason Schloss filed for an IPO in September last year was to service its debt, but since then, it has been able to lower its debt obligations, CEO Anuraag Bhatnagar told Reuters. The company's adjusted net debt declined 32% on-year to 25.68 billion rupees in the fiscal year ended March 2025. It swung to a profit last fiscal, from a year-ago loss, helped by an 11% increase in revenue. Brookfield, however, said it was selling fewer shares than the originally planned 20 billion rupees worth as the equity markets have declined since hitting record highs in late September, around the time Schloss filed its IPO papers. "It (the market) may have become more volatile. Certainly a lot of things have happened geopolitically," said Ankur Gupta, managing partner and head of Asia Pacific and Middle East at Brookfield Asset Management. Indeed, several IPO hopefuls have either delayed or downsized their IPO plans as global trade worries and a domestic border conflict pressured markets. The blue-chip Nifty 50 is roughly 6% down from the record-highs of September, despite a 5% gain this year. Schloss' IPO will open for bids from May 26 to May 28, and its shares are expected to start trading on June 2. ($1 = 85.5230 Indian rupees)
