Shardul Amarchand Mangaldas advises Brookfield Asset Management in acquisition of assets worth INR Rs. 4,100 crore from Hotel Leelaventures Limited

March 19, 2019

Shardul Amarchand Mangaldas & Co (SAM & Co) has advised Brookfield Asset Management in acquisition of hotel assets of approximately INR Rs. 4,100 crore from Hotel Leelaventures Limited (HLVL).

Brookfield intends to acquire from HLVL (a) the hotel business, together with all assets and liabilities of the hotels located at Bangalore, Chennai, Delhi and Udaipur; (b) the hospitality and hotel operations including all contracts for management services (including the hotels situated in Goa, Kovalam, Gurgaon and contracts for the provision of amenity services in serviced apartments); (c) 100% shareholding of Leela Palaces and Resorts Limited, a wholly owned subsidiary of HLVL; and (d) all the IP of HLVL in connection with the hospitality and hotel operations. It will also acquire from the promoters of HLVL all IP held for or used in connection with the hospitality and hotel operations of HLVL.

The General Corporate practice of SAM & Co acted as legal counsel to Brookfield Asset Management. The transaction team was led by Mr. Jay Gandhi, Partner; and included Ms. Roopal Kulsrestha, Partner; Mr. Arka Banerjee, Partner; Ms. Aditi Tralshawala, Senior Associate; Ms. Puloma Mukherjee, Senior Associate and Ms. Natalee Nanda, Associate.

Other teams involved in the transaction were Ms. Ashoo Gupta, Partner and Mr. Daryush Marfatia, Principal Associate for Real Estate, Ms. Veena Sivaramakrishnan, Partner and Mr. Dhananjai Charan, Associate for Banking and Finance, Mr. Nitesh Jain, Partner and Mr. Atul Jain, Associate for Dispute Resolution, Mr. Mukul Baveja, Partner for Intellectual Property and Ms. Pooja Ramchandani, Partner for Labour law.

The parties involved in the transaction are Cleary Gottlieb Steen & Hamilton LLP that advised on some IP related aspects, EY and PwC advised Brookfield on tax and financial diligence. Hotel Leelaventures Limited (“HLVL”) and promoters of HLVL, were represented by Veritas Legal. JM Financial Asset Reconstruction Company (“JM”) was represented by Khaitan & Co.

The value of the deal is Approx. USD 600, 000,000. The date of signing of the deal was 18 March, 2019.