The Leela's Grand Expansion: Charting New Territories

Schloss Bangalore Ltd, supported by Brookfield, is investing Rs 1,131 crore in developing five new luxury hotels in India, comprising 475 rooms. The company is launching a Rs 3,500 crore IPO, aimed at becoming debt-free. Their portfolio is set to expand significantly, consolidating their position in the hospitality sector.

Schloss Bangalore Ltd, the company behind the luxury brand 'The Leela' Palaces, Hotels and Resorts, is set to make a mark with a substantial investment of Rs 1,131 crore. This capital will be directed towards developing five new company-owned properties located in Agra, Srinagar, Bandhavgarh, Ranthambore, and Ayodhya, encompassing a total of 475 rooms.

The company, which is preparing for a watershed Initial Public Offer (IPO) of Rs 3,500 crore on Monday, oversees 'The Leela' brand. Its current holdings include 13 hotels with a mix of company-owned and managed properties. This strategic move is not only set to augment their footprint but also to eliminate existing debt using Rs 2,500 crore from the IPO proceeds.

The IPO, considered the largest in the hospitality segment, also signifies a planned dilution of Brookfield's stake by 24%. This financial maneuver gears Schloss towards becoming a debt-free entity, poised for further growth and development. The expected completion of these projects aligns with their vision of bolstering their hospitality portfolio by 2028.

(With inputs from agencies.)