Hotel Leelaventure wins Bid for Hotel plot in South Delhi for Rs 611 Crores

Hotel Leelaventure Ltd has announced that the plot of land admeasuring 3 acres which was put to bid by National Buildings Construction Corporation Ltd (NBCC) was successfully bid by the Company at a price of Rs 611.00 Crores. The freehold plot is strategically located on Vinay Marg / Africa Avenue.

In a statement, Mr.Vivek Nair, Vice Chairman & Managing Director of the Company stated that with the successful bid for a hotel site in South Delhi at a prime location, the Group's long-felt desire to have a hotel in the nation's capital would be fulfilled.

It's flagship hotel, The Leela Palace Kempinski Bangalore has the highest Average Room Rate in the country being in excess of USD 450 and is the market leader in the city as is the Group's hotels in Goa and Kovalam. With 5 new world-class hotels under construction in Gurgaon, Udaipur, Chennai, Hyderabad and Pune, the Leela Kempinski Group would have a Pan-Indian presence. It is in this context that it was necessary to be in Delhi, Mr. Nair added.

The Company is confident of creating another unique up-market 'trophy' hotel with 250 over-sized guestrooms and service apartments and maintains its record of being the market leader in every market that it operates in.

Source : Equity Bulls

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