Hotel Leelaventure, an operator of premium hotels, is selling its marquee property ‘The Leela Goa’ to Malaysia’s MetTube Sdn. Bhd. for Rs. 725 crore ($115 million)..Cyril Amarchand Mangaldas acted for Hotel Leelaventure with a team led by Partner Gurpreet Vasir Ashar..Khaitan & Co acted as domestic legal counsel for MetTube Sdn. Bhd. while Wong & Partners acted as International counsel..The Khaitan team was led by Associate Partner Kartick Maheshwari on the corporate side, while Partner Savita Singh led the real estate team. The corporate team included Senior Associate Namrata Mehta and Associates Kapish Mandhyan and Vinita Choudhury. The real estate team included Principal Associate Amit Wadhwani and Associates Nidhi Mudgal and Sneha Oak Joshi..On the Banking and Finance aspect, Partner Shishir Mehta, along with Associate Partner Manisha Shroff and Associate Krishnendu Sen assisted the team. Partner Avaantika Kakkar advised on competition law and Associate Partner Anshul Prakash, along with Senior Associate Kaushik Rajan advised on employment law..This is the largest single asset acquisition in the hospitality sector in India, according to Khaitan & Co..The company will transfer the Goa property to MetTube’s wholly owned Indian subsidiary Ceres Hotels Pvt Ltd under a slump sale. The Leela will continue to manage the property under its brand, reports ET.
