Mumbai-based private equity fund Marigold Capital and Investments is set to acquire the Leela Group’s 326-room hotel in Chennai, India, for approximately $109 million. The fund specializes in buying debt-ridden hotels and commercial real estate properties and turning them around.
Mumbai-based JM Financial, an investment bank that is the advisor to the sale said, “The deal with Marigold is in the documentation stage where the final agreement will be drafted.”
The Economic Times reports that last year, the JM Asset Reconstruction Company sold the Leela Group’s hotel in Goa to a Malaysian conglomerate MetTube SD BHD for about $113 million.
