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.

 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

Celebrating the hotel company’s 45th year and his 80th on the planet, the owner/operator—and philanthropist—embodies a "hospitality heart."

The Hyatt Centric Reykjavík will not only be the first Hyatt-branded hotel in Iceland, but will be the company's debut the Nordic region as a whole.

The new Radisson Blu Resort Cam Ranh in Khanh Hoa province has 292 rooms, suites and pool villas.