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The hotel, which will be ready in next 30 months, will be built by Qatar‘s Al Faisal Group and will be operated by Hotel Leela Group, says Vivek Nair, VC and MD, Hotel Leela.
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The bank has seen atleast four CDR cases- Bharti Shipyard, Hotel Leela, Electrotherm, SBQ Steel- failing in the first five years of FY15.
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Vivek Nair of Hotel Leela is hopeful that the decision by cabinet committee on infrastructure to include hotels in the rural areas under their infrastructure lending list will be extended throughout the country thus increase their repayment period.
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Economy slowdown and terrorist attacks have not only affected the Hotel Leela Venture's room rates and profits, but have also impacted its future growth plans.
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Forex loans raised by infrastructure and manufacturing companies can be used to retire rupee loans. Now, hotel companies too could do the same. This facility of replacing expensive rupee loans with cheap foreign exchange loans was extended to hotel companies as well.
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According to Crisil report the hotel industry have mentioned that profitability will fall very sharply in FY13 and FY14, the operating margins are also likely to fall in FY14 to the lowest level in past 10 years. There is slowing demands; and there is a case for ARR to fall quite sharply.
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Debt ridden Hotel Leela Venture expects to receive Rs 620 crore from sale of non-core assets.
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ITC chairman Yogesh Chander Deveshwar clears some air about the increase in stake. In an interview to CNBC-TV18, he said that both EIH and Hotel Leela are treasury operations and it can go up to 25% in both the hotel companies.
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In an interview to CNBC-TV18, Vivek Nair Vice Chariman and Managing Director of Hotel Leela reveals the company has had a successful road show about four-five months ago. However, he said due to the ongoing euro zone crisis, the QIP hasn't been in place.
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On Wednesday, Hotel Leela Venture signed a pact with Travancore Enterprises to transfer its hotel property in Kerala to a special purpose vehicle (SPV). Hotel Leelaventure's vice-chairman Vivek Nair told CNBC-TV18 that the major reason to sell their Kerela hotel property was to reduce their debt burden.
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Rajiv Kaul, President, Hotel Leela Venture Limited, in an interview with CNBC-TV18’s Udayan and Mitali Mukherjee, gave their view on the action in the hotel space and his outlook for the copy going forward.
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The hotel sector seems to be booming, or so says Rajeev Kaul, the president of Hotel Leela Ventures.
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In an exclusive interview with CNBC-TV18, Vivek Nair vice-chairman of Hotel Leela confirms that the company is all set to foray into real estate development in order to cut its debt. The conversion of land banks into up market residential homes in Bangalore, Hyderabad and Pune is believed to raise Rs 950 crore for the company.
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Speaking to CNBC-TV18, he said,"It will be less competitive to our neighboring countries. Foreign tourists are going to Singapore, Malaysia, Indonesia, because they only apply a 3% GST on room charges, whereas with this, in India it will come to almost 18%."
