Latest news with #SchlossBangalore
Hindustan Times
2 days ago
- Business
- Hindustan Times
Schloss Bangalore allotted BKC plot, to build luxury hotel
MUMBAI: Brookfield-backed Schloss Bangalore (The Leela) has been allotted a commercial plot at the Bandra Kurla Complex (BKC), where it intends to develop a mixed-use project, including a 250-key luxury hotel, the company said in a regulatory filing. The 80-year lease has been allotted to the company-led consortium with partners Arliga Ecospace Business Park Pvt Ltd and Schloss Chanakya Pvt Ltd. The allotment is one of two mega deals signed by the Mumbai Metropolitan Region Development Authority (MMRDA). The other is with Goisu Realty Pvt Ltd, a subsidiary of Japanese real estate developer Sumitomo Realty & Development Company. The company has been allotted an 80-year lease for two plots at BKC. The MMRDA handed over the allotment letters for these plots on June 3, in the presence of chief minister Devendra Fadnavis and Koji Yagi, consul-general of Japan, MMRDA officials said. Together, the deals are worth ₹3,840.49 crore. The three plots collectively measure 8,6321.80sq m of built-up area, which will generate revenue of ₹3,840.49 crore for MMRDA. This is an average ₹4,44,902.80 per sq m, against a reserve price of ₹3,44,500 per sq m of built-up area for commercial plots with an 80-year lease. The leases with the two global investors are expected to provide a significant financial boost to MMRDA, which is shouldering an enormous infrastructure spend for the decade—it is executing projects worth thousands of crores across MMR, including metro corridors, elevated roads and key connectors. The revenue it generates to fund its mega-projects comes from commercial exploitation of its land bank, as well as infrastructure-related earnings and revenue earned from the metro network it operates. In February, MMRDA had called for tenders for seven of its plots in BKC. The bids for the three plots, relating to Schloss Bangalore and Goisu Realty, were a part of this round. The MMRDA found no takes for the remaining four plots – three residential and one commercial. It is expected to invite bids for these plots, once more. In 2022, MMRDA earned ₹2,067 crore when Goisu Realty Pvt Ltd secured the lease rights to two land parcels in BKC. In 2019, Goisu Realty leased a 12,486sq m plot in BKC for ₹2,238 crore, making it one of the largest land deals by a foreign company in India. With inputs from PTI
Skift
2 days ago
- Business
- Skift
The Leela Has Soft Debut, but Now Has IPO Cash
The Leela did everything right - the product was impeccable and the marketing was on-point. But it might have been betrayed by the intimidating "largest-in-Indian-hospitality" IPO size. The Leela's parent company Schloss Bangalore debuted on the Indian stock exchanges Monday at INR 406 ($4.74) - 7% below its IPO price. By Tuesday's close, it had only modestly recovered. The muted investor response comes despite high anticipation for the $400 Million IPO of the luxury chain – the largest in the Indian hospitality industry. Other recent travel IPOs
Time of India
2 days ago
- Business
- Time of India
The Leela is alloted plot in BKC for hotel
Mumbai: Schloss Bangalore (The Leela) has received MMRDA's allotment for a 2.1 acre commercial plot in Bandra-Kurla Complex (BKC) to set up a 250-room luxury hotel. The consortium backed by Brookfield Asset Management-backed Schloss Bangalore will pay the MMRDA a lease premium of Rs 1,302 crore for the plot. Tired of too many ads? go ad free now The hospitality company owns and operates the Leela Palaces, Hotels and Resorts and plans to develop a mixed-used project including a 250-key luxury hotel in BKC. According to a spokesperson, 25% of the total lease premium is payable within two months of the offer of allotment and the remaining 75% within 10 months thereafter. The possession of the plot will be handed over after payment of the total lease
Mint
2 days ago
- Business
- Mint
Schloss Bangalore to build 250-room ‘Leela' luxury hotel in Mumbai's Bandra-Kurla Complex
Bengaluru: Brookfield-backed Schloss Bangalore will build a mixed-use project, including a 250-room 'Leela' luxury palace hotel, a 700,000 sq ft office tower and the Arq Club, in Mumbai's premium business district, Bandra-Kurla Complex (BKC). A consortium led by Schloss Bangalore has been allotted 2.1 acres in BKC by Mumbai Metropolitan Region Development Authority (MMRDA) for a ₹ 1,302 crore lease premium, the newly-listed company said in a regulatory filing on Tuesday. The land parcel in BKC's prime G block 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 10 months thereafter. The Schloss Bangalore-led consortium that includes Arliga Ecospace Business Park and Schloss Chanakya had submitted its bid for the land parcel in February. Schloss Bangalore and subsidiary Schloss Chanakya will hold 50% in the consortium, while Arliga Ecospace Business Park will hold the remaining 50% stake along with its affiliates. 'The possession of the aforesaid plot shall be handed over after the payment of the total lease premium,' the filing said. Schloss, which operates 'The Leela' brand of hotels across cities, plans to open seven new 'Leela' branded luxury hotels in spiritual, hill stations, wildlife, heritage and grandeur, and business categories in the next three years. The 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. 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," Anuraag Bhatnagar, CEO, The Leela, said in an interview with Mint in May. In 2019, Hotel Leelaventure Ltd completed the sale of its hotel properties to New York-headquartered Brookfield Asset Management for ₹ 3,950 crore. C.P. Krishnan Nair set up the hotel chain in 1986.
Entrepreneur
3 days ago
- Business
- Entrepreneur
Leela Hotels debuts at 6% discount, ends 7% higher at ₹435.55
Shloss Bangalore IPO ended 7.15 per cent higher on the BSE at INR 435.55 against the initial listing price of INR 506.50, a discount of 6 per cent on the issue price of INR 435. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Shloss Bangalore IPO ended 7.15 per cent higher on the BSE at INR 435.55 against the initial listing price of INR 506.50, a discount of 6 per cent on the issue price of INR 435. Brookfield Asset Management-owned Schloss, which operates 'The Leela' brand in the luxury segment in India, made what is described can be described as a 'subdued' debut on the stock exchanges. On the NSE, the stock was listed at INR 406, whereas in BSE it was listed at INR 406.50, less then the issue price of INR 435. The price band for the issue was INR 413-435 per share, with the lot size being 34 equity shares and in multiples of 34 equity shares thereafter. The company has allotted 75 per cent of the shares for QIBs, 15 per cent for 15 per cent for non-institutional investors (NII), and 10 per cent reserved for retail investors. Schloss Bangalore is known for its premium segment offering in the hospitality industry under 'The Leela' brand and currently operates 3,382 rooms across 12 properties. Schloss also raised INR 1,575 crores from its anchor investors. Priyanka Madnani, Founder & CEO of Terex Ventures, said that even with a strong brand like The Leela, Schloss Bangalore's listing at a 7 per cent discount shows that investors are becoming more careful. "Today, people don't just invest because of a big name, they want solid numbers, future growth, and clear returns. Hospitality is still seen as a seasonal play, and unless companies clearly show steady income and long-term value, investors will stay cautious. This is a reminder for all upcoming IPOs: a famous brand helps, but performance, transparency, and investor trust matter much more in today's market. Madnani added that the IPO, despite attracting decent interest, the weak listing was caused by a broader market dip and global worries. The issue was subscribed 4.5 times, despite possessing strong brand value, due to a cautious investor sentiment. In FY24, the hospitality company recorded positive growth, with its EBITDA at INR 600.03 crore, up from INR 87.72 crore in FY22. Market analysts also noted that the selling intensified due to foreign investors withdrawing funds. Aditya Birla Money Ltd, said that Schloss Bangalore also has a 'strong track record in driving operational efficiency backed by a strong promoter and is promoted by PE funds which are managed and/or advised by affiliates of Brookfield, one of the world's largest alternative asset managers and investors with over USD 1 trillion n of AUM as of FY25, across various asset classes. The company also has a track record of delivering superior EBITDA margins and increased RevPAR for its owned portfolio, driven by operational efficiencies Key institutions behind the listing include Investment bankers such as JM Financial, Morgan Stanley, BofA Securities, Kotak, Axis Capital, Citi, and SBI Caps. KFin Technologies was the registrar for the issue.
