June 4, 2025
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Leela Hotels Operator Secures Rs 1,302 Crore BKC Plot Lease for Luxury Project
Schloss Bangalore Ltd., the operator of Leela Hotels, has secured an 80-year lease on a prime commercial plot in Mumbai’s Bandra Kurla Complex (BKC) for Rs 1,302 crore. The announcement came a day after the company’s debut on stock exchanges.
The leased Plot No. 80 in G Block spans 8,411.88 sq. m. with a built-up allowance of 33,647.5 sq. m. Schloss plans to develop a 250-key luxury hotel and a mixed-use project. The consortium for the project includes Schloss Bangalore, its subsidiary Schloss Chanakya Pvt., and Brookfield-affiliated Arliga Ecospace Business Parks.
The Mumbai Metropolitan Region Development Authority had named Schloss the highest bidder on April 4. Payment for the lease will be staggered: 25% within two months and the remaining 75% over 10 months. Possession will follow full payment.
Schloss Bangalore’s IPO, which closed on May 29, was subscribed 4.5 times—driven largely by institutional interest. However, its shares listed below issue price: Rs 406 on NSE (–6.67%) and Rs 406.50 on BSE (–6.55%).
As of March 31, Schloss is India’s largest luxury hotel operator by room count, with 13 hotels and 3,553 keys under ‘The Leela’ brand. It aims to add 678 more rooms across seven new properties by 2028, both in India and abroad.
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