Hotel Leela Venture Ltd will sell four of its hotels and a property to a fund sponsored by Canada’s Brookfield Asset Management for ₹39.50 billion ($576.41 million). The company will sell four Leela hotels at Bengaluru, Chennai, Delhi and Udaipur and its property in Agra to Brookfield. The proceeds of the deal, which will also see the company’s owners transfer the ‘Leela’ brand to Brookfield for all hospitality businesses, will be used to repay existing lenders of the company.

(Dealstreet Asia)