Malaysia's MetTube nabs Hotel Leelaventure's Goa hotel

The Competition Commission of India, the country's fair trade regulator, has approved Malaysia-based MetTube's acquisition of Hotel Leelaventure's Goa hotel. As part of the debt restructuring plan, hospitality chain Hotel Leelaventure had entered into a pact with MetTube to sell the property for Rs 725 crore. Under the deal, the property would be purchased by Ceres Hotels Private Ltd., a wholly owned Indian subsidiary of MetTube. 

According to Money Control,  CCI said it considered five-star deluxe/five-star hotels in Goa as the relevant market while looking into the deal. As per the terms of a corporate debt restructuring (CDR) package, Hotel Leelaventure had to reduce its debt through sale of assets. It has a portfolio of owned as well as managed palaces and hotels. MetTube is part of the Lord Bagri-promoted Metdist Group.

 

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.