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Khaitan, CAM on $115m Leela Goa sale

Khaitan & Co advised copper products maker Metrod Malaysia and Mettube Malaysia on its Rs 725 crore ($115m) buy of Goa’s iconic hotel The Leela Goa, which was advised by Cyril Amarchand Mangaldas (CAM).

Khaitan Mumbai partners Savita Singh, Avaantika Kakkar and Shishir Mehta, associate partners Manisha Shroff, Anshul Prakash and Kartick Maheshwari, principal associate Amit Wadhwani, senior associates Namrata Mehta, Ahana Sinha, Nandgopal Anand, Kaushik Rajan, associates Kapish Madhyan , Nidhi Mudgal, Sneha Oak Joshi, Krishnendu Sen, Nikita Nehriya, Avantika Govil, Abhipsita Kundu and Vinita Chaudhry acted for MetTube Malaysia, which made the acquisition through its Indian subsidiary Ceres Hotels.

CAM Mumbai managing partner Cyril Shroff and corporate partner Gurpreet Vasir Ashar along with real estate partner Sandeep Dave acted for Hotel Leelaventurein what is claimed to be the largest single asset acquisition in the hospitality sector in India, reported NDTV Profit.

Hotel Leelaventure, in which ITC Limited owns a stake, has been trying to sell its assets to pare debt which currently stands at Rs 5,000 crore. JM Financial Institutional Securities acted as the sole advisor to the transaction. The company also looks to sell its property in Chennai by the end of the year.

“The disinvestment of the Goa hotel and retaining the management of the hotel under the Leela brand is in line with our strategy to restructure our debt, follow an asse light model and manage more hotels,” Vivek Nair, CMD, Hotel Leelaventure said.

Hotel Leelaventure is also exploring options to sell the 326-room Chennai hotel or bring in new investors at the corporate level as part of its debt restructuring plan. “We are working with JM Financial for a company-level solution and not unit by unit,” Nair said reported TOI.

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