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Leela Sale

Hotel Leela Ventures is reportedly close to selling its majority stake in Canadian alternative asset manager Brookfield Asset Management

After struggling to stay profitable, the luxury hotel chain Hotel Leela Ventures seems to be ready for sale. After reports of a possible sale emerged last month - with Thailand's Minor International - the company is reportedly close to selling its majority stake in Canadian alternative asset manager Brookfield Asset Management. The deal, whenever it happens, is a tell tale sign of the overall improvement in the hospitality sector, which is attracting global investment companies. The occupancy rates have been inching up across branded hotels resulting from higher demand, and slower supply additions. The static average room rate remains the only hitch.

For Hotel Leela Ventures the sale would possibly end its five-year saga of losses and the nine property strong chain would be in a position to take advantage of the turnaround in the sector.