M&A

M&A

Brookfield & Leela Palaces acquire Dubai's Sofitel The Palm hotel

Business Standard   Sofitel The Palm FZE  

Brookfield-backed Leela Palaces, Hotels and Resorts, through its wholly-owned overseas subsidiaries, has acquired a 25% stake in Dubai's Sofitel The Palm FZE . The deal involved an upfront investment of INR 437 crore by Leela Palaces. Private funds managed by Brookfield will acquire the remaining 75% stake.Dubai's Sofitel The Palm FZE is a beachfront hospitality property located on Palm Jumeirah, spanning 23 acres. The property includes a 361-key hotel, 182 branded residences, and three exclusive villas, totalling 546 keys.The hotel will be rebranded to "The Leela", establishing it as the brand's first international flagship property. Leela Palaces, Hotels and Resorts currently operates 13 properties with over 3,500 keys across 11 cities in India.