The shares of Hotel Leela Venture were jumping this week due to news circulating that a consortium led by Thailand’s Minor International and Trinity White City Ventures plans to invest about US$350 million in the hotel company.
Bloomberg first reported that aggressive Minor, which acquired a controlling stake in Spain’s NH Hotel Group for US$2.6 billion earlier this year, will reported use a mix of debt and equity to bid for Leela.
“Minor is always on the lookout for good investment opportunities, which includes Hotel Leela Venture. But nothing is set in stone. We are currently exploring the option,” Minor CEO Dillip Rajakarier said.
Hotel Leela Venture runs nine hotels across India, including The Leela Palace Udaipur and The Leela Kovalam in Kerala.
Trinity White City Ventures, the family office of Shahal Khan, was behind an aborted attempt to acquire New York’s iconic Plaza Hotel earlier this year.