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The Leela story: How the Nair family lost keys to its hospitality treasure

Even before Nair's demise, the company had already sold off its luxurious Kovalam property and an IT Park in Chennai. But the high level of debt forced the company to keep exploring sale of properties.

March 19, 2019 / 04:18 PM IST
 
 
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It was a succession plan that did not pan out as envisioned.

Less than five years after founder  Capt CP Krishnan Nair of Hotel Leelaventure handed over the company's reins to his two sons Vivek and Dinesh Nair, most of its key assets, including brand Leela, have been sold.

On March 20, the board of Hotel Leelaventure, which owns the Leela brand and runs properties under it, decided to sell all but one of its assets, under a slump sale arrangement to Canada's real estate fund Brookfield Asset Management.

Brookfield owns and manages 155 hotels in US, UK and Australia.