Canadian alternative asset manager Brookfield Asset Management is in advanced discussions to buy at least four luxury hotels and a land parcel from debt-laden hotel chain Hotel Leelaventure Ltd for Rs 4,500 crore, Mint reported.
Citing three people aware of the development, the report said Brookfield will also buy the ‘Leela’ brand.
The land parcel is situated in Agra, according to the report.
Hotel Leelaventure's total debt was Rs 3,799 crore as on March 2018, according to its annual report. It owns five hotels in Mumbai, Bengaluru, Udaipur, New Delhi and Chennai. It also manages four other hotels in the country.
Citing two people aware of the development, the report said Canadian pension fund CDPQ is among the investors who have shown interest in the platform.
Citi is advising GIP on the planned sale, according to the report.
Highway Concessions One is a road asset holding company owned and controlled by India Infrastructure Fund, which was earlier sponsored by IDFC Alternatives.
Highway Concessions One manages seven road assets, according to its website.
The funds will be used for expansion of TGI Fridays and launching The Fridays American Bars, according to the report.
Centrum Capital is advising Bistro Hospitality on the stake sale, the report said.
The Fridays American Bars are smaller format bars from TGI Fridays.
Bistro Hospitality holds a 75% stake in the India business of TGI Fridays. The remaining 25% stake is held by TGI Friday’s Inc.