Hospitality Career E-Mag: ITC raises stake in Hotel Leelaventure to 7.37 per cent

According to a report in The Business Standard by Ishita Ayan Dutt and Surajeet Das Gupta, ITC's investment arm Russell Credit has raised its stake in Hotel Leelaventure to 7.37 per cent —an increase of 2.26 percentage points.

Prabhjot Bedi, key hospitality challenges, hospitality consulting, experience leaders, austerity, work-life balance, centers of excellence, specialists professionals, changing demographics, eclat hospitality

The promoters of Mumbai─based Leela Group, meanwhile, said they were not interested in tying the knot with ITC as a strategic partner in the growing hotel business.

Vivek Nair, Vice Chairman and Managing Director, Hotel Leelaventure and part of the promoter family said, “We are not interested in any strategic partner as we already have relations with Kempenski. Our nine new hotels, which are coming up, are all funded. Also, the promoters have a 53 per cent stake in the company. So, we are very comfortable.”

He added that ITC, which had picked up equity in Leelaventure initially at Rs 19─20 per share had made money as the stocks were trading at over Rs 50.

Search Banquet Manager Jobs with ITC Hotels>