In one of the biggest deals in the Indian hospitality industry, sovereign wealth funds of Abu Dhabi, Qatar and Malaysia are vying with each other to acquire two of India's marquee properties.
Backed by their cash-rich governments, the funds are in discussions to pick up 74% stake in the Leela Group's Delhi and Chennai hotels for over Rs 2,000 crore. The deal, if it goes through, will also mark the entry of sovereign fund investment in the sector.
The Leela chain, in which ITC Hotels holds 12% stake, has been in the red for the past several quarters, hit by business slump, competition and demand-supply mismatch.
Backed by their cash-rich governments, the funds are in discussions to pick up 74% stake in the Leela Group's Delhi and Chennai hotels for over Rs 2,000 crore. The deal, if it goes through, will also mark the entry of sovereign fund investment in the sector.
The Leela chain, in which ITC Hotels holds 12% stake, has been in the red for the past several quarters, hit by business slump, competition and demand-supply mismatch.