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Thursday, August 11, 2011

Leela Group to Sell Leela Resorts Kovalam for 500 crore

Trivandrum, August 11: The Leela Group is all set to sell its signature property, Leela Resorts in Kovalam.

Leela Chairman CP Krishnan Nair said the deal is as part of an ongoing exercise to ease its
debt burden.

The property is being sold for 500 crore to NRI Ravi Pillai. Also learned that Leela will enter into a management contract with Pillai to manage the property for 30 years.

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