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Hotel Leela to spend Rs22 bn for expansion

Hotel Leela to spend Rs22 bn for expansion

Mumbai: Hotel Leela Venture Ltd plans to spend Rs22 billion over one and a half years to set up three new hotels, the company’s chief financial officer said on Thursday. The luxury hotel chain operator will use the proceeds from an earlier foreign currency convertible bonds issue, V.L. Ganesh told reporters at a media briefing.

“The hotels will be set up in Udaipur, Chennai and New Delhi," he added.

Room occupancy rates had dropped 5% to 10% in December after the militant attacks in Mumbai last November, he added.

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