UK's Carnival Group makes play for Leela Chennai

Hotel Leela Venture has reportedly received a bid for its Chennai hotel from The Carnival Group of the UK, reports The Times of India. The bid is reportedly Rs 850 crore, and now hinges on acceptance by the debt-strapped group. Sources say expectations were for at least Rs 1,000 crore.

Leela Chennai and Leela Delhi are on the block to raise funds to pare the group's debt, reports state. The Chennai hotel is a 326-room sea-facing property in MRC Nagar in South Chennai.

The Leela chain, in which ITC Hotels holds a 12-percent stake, has been in the red for the past nine quarters.

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