A consortium including Thailand’s Minor International is considering an investment of about US$350 million into Indian hospitality firm Hotel Leelaventure, reported Bloomberg.
The proposed bid, which is also backed by investment firm Trinity White City Ventures, includes a mix of equity and debt. The consortium would end up with a majority stake in Mumbai-based Hotel Leelaventure if the transaction is successful.
Dillip Rajakarier, CEO of Minor’s hotel unit, told Bloomberg that the company is “currently exploring the option”, but nothing has been confirmed. Trinity White City Ventures has also reportedly confirmed the deliberation.
Hotel Leelaventure runs a chain of hotels and resorts, with nine properties it owns or manages across India. Its luxury properties include The Leela Palace Udaipur, situated on Lake Pichola, and The Leela Kovalam, in the southern state of Kerala.
Minor has been betting on an aggressive expansion and acquisition strategy in recent times, which includes spending US$2.6 billon this year to take control of Spanish chain NH Hotel Group.