Brookfield buying India’s Leela Hotels

Brookfield Strategic Real Estate Partners III, a fund managed by Brookfield Asset Management, has agreed to acquire four hotels and a land parcel from India’s Hotel Leelaventure for Rs39.5 billion ($576 million).

The hotels are located at Bangalore, Chennai, Delhi and Udaipur, and the property that it owns is in Agra. The transaction includes assignment of all hotel management contracts currently in operation, as well as all under-development, along with the employees’ contracts of the hotels.

Post sale, Hotel Leelaventure will continue to operate the hotel in Mumbai and own certain land in Hyderabad and the joint development project of residential apartments with Prestige Developers in Bangalore.

BREP III held a $15 billion final close in January 2019, exceeding its original fundraising target of $10 billion. BSREP III is Brookfield’s largest private fund to da