Ontario’s Brookfield Asset Management Close to Acquiring Indian Hotels for C$861M

Toronto-headquartered Brookfield Asset Management is reportedly close to buying at least four of five luxury hotels and a large land parcel owned by debt-ridden India-based Hotel Leelaventure Ltd. for about C$861 million. The deal, which is expected to close in early 2019, will mark Brookfield’s entry into India’s hospitality sector. It will also give a major boost to Hotel Leelaventure, which had debts of C$727 million as of March 2018. Hotel Leelaventure owns five luxury hotels comprising more than 1,400 rooms in New Delhi, Bengaluru, Chennai, Mumbai, and Udaipur. Brookfield is a global alternative asset manager, focused on investing in long-life, high-quality assets across real estate, infrastructure, renewable power, and private equity.

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