History of Hotel Leela Venture Ltd.
1981
- Incorporated in 1981 to set up & operate 5-star hotels, Hotel Leela Venture entered into a collaboration with Penta Hotels, UK, which was subsequently transferred to Kempinski Hotels, a European chain of 5-star deluxe hotels, owned by Lufthansa, the German airline. - The Comp. entered into collaboration agreement with Penta Hotels limited [Pentas] for a period of 10 years for sales, marketing and technical know-how.
- Penta also agreed to provide full marketing support to the hotel including selling of hotel by 3 airline partners of Penta viz. Lufthansa, Swissair and British Airways.
- 20,02,939 shares to promoters, etc. & 4,27,580 shares without payment in cash to Lela Scotish Lace Pvt. limited in January/February 1985, 20,69,481 shares were issued at par out of which 70,000 shares to NRI promoters for cash & 99,481 shares to C.K. Kutty [NRIs] without payment in cash were reserved & allotted.
- Out of remaining 19,00,000 shares, 6,50,000 shares to NRIs on repatriation basis & 38,000 shares to business associates of the Company were reserved & allotted on a preferential basis. The balance 12,12,000 shares were offered for public subscription during February 1985 [all were taken ups].
1986
- The Comp. set up its first 5-star deluxe hotel, Leela Penta, in Bombay in 1986. It was renamed Leela Kempinski in 1988, following the change in its marketing & sales tie-up. It undertook an expansion of its hotel in Bombay by constructing a tower block comprising an additional 172 rooms, including suites. Simultaneously, it also undertook the construction of new 5-star deluxe resort at Goa which was part-financed by a rights issue in Sep.'91. Consequent on the enhancement of facilities & upgradation of standards, aggregate cost escalated & the financing for project had to be revised due to which the Comp. came out with a rights NCDs issue with detachable warrants aggregating Rs 49.09 crores in 1995.
- 45,00,000 rights equity shares issued at par in prop. 1:1 during July/August.
1987
- The hotel de-linked itself with Penta and entered into technical, Sales, & Marketing agreement with Kempinski, hotel S-A Switzerland, a part of Lufthanas Chains of hotel.
- The Comp. undertook to set up a 5-star Deluxe Airport Hotel of international standards.
- In view of large scope for occupancy at the International Airport and in view of acute shortage of hotel guest room, it was decided to increase the number of guest rooms from 205 to 282. It was also decided to add a large banquet hall & conference rooms to the facilities.
- The hotel was assigned a 5 star deluxe status during the year. In recognition of this rating, the collaborators, Penta Hotels, Ltd. assigned the technical sales & marketing agreement in favour of Kempinski hotels, S.A., Switzerland, both groups being in the Lufthansa system of hotels.
- The Leela Bombay, was conferred by Government of India, Department of Tourism, the highest honour in the hospitality industry viz. the National Tourism Award for 1997-98 for outstanding performance in the five star deluxe category hotels in India.
1988
- It was proposed to expand the existing capacity by addition of another 192 rooms.
- With effect from 15th October, the name of hotel was changed to `The Leela Kempinski Bombay' in view of assignment of franchise agreement to Kempinski hotels from Penta hotels.
- 28,00,000 No. of equity shares issued at par to Lela Scottish Lace limited in conversion of their unsecured loans.
- The Leela Palace, Goa has started its operation in Sep, 1998. The hotel has been upgraded to a world class beach resort & has been acclaimed as one of finest resorts in the world.
1989
- During August, the Comp. offered 9,00,000-14% secured redeemable non-convertible debentures of Rs 100 each on `rights basis' in the proportion 1 deb.: 10 equity shares held. Only 10,429 debentures were taken up. The remaining 8,89,571 debentures devolved on the underwriters.
- These debentures were to be redeemed at a premium of Rs 5 per debenture in three equal annual instalments of Rs 35 each on the expiry of 7th, 8th & 9th year from the date of allotment of debentures.
- During August, 59,00,000 Rights shares issued at par in prop. 1:2. Additional 8,85,000 shares were allotted to retain oversubscription. Simultaneously, another 2,95,000 shares were issued at par to employees but only 500 shares taken up. The balance 2,94,500 shares were allowed to lapse.
1991
- In Sept. 92,92,750 rights shares issued at par in prop. 1:2. Additional 13,93,912 shares were allotted to retain oversubscription. Another 4,64,630 shares offered at par to employees but only 7,650 shares taken up. Out of remaining 4,56,980 shares 4,50,000 shares taken up by financial institutions & the balance allowed to lapse.
1992
- The Comp. proposed to add 43 guest rooms at the Leela Beach, Goa. During the year, the Comp. concluded negotiations for purchase of a plot of land adjoining the hotel property at Mumbai for the construction of new deluxe all suite hotel consisting of about 200 suites.
1993
- The Comp. commissioned 60 new rooms at the Leela Beach, Goa & set up a mini golf course of 9 holes.
- The Hotel has opened a spectacular entertainment outlet, viz., `Cyclone-The Club'.
1994
- The Comp. had issued Warrants to its promoters including friends and associates on preferential basis. On conversion of said Warrants, on 9th November, 30 lakh equity share were allotted at a premium of Rs 128.14 per share.
- A MOU was entered into with Four Seasons Hotels and Resorts a international chain of hotels to operate the Leela Palace Bombay at Andheri Kurla Road.
1995
- The Comp. proposed to enter into business of full fledged money changers & allied activities.
1996
- The Comp. allotted 30,00,000 CCP of Rs 100 each.
- The Leela Beach Goa underwent upgradation & refurbishment as per recommendations of Four Season Hotels and Resorts which would be marketing & operating the resort.
- The Comp. also initiated steps to set up a `5' star deluxe hotel at Bangalore with Four Seasons Hotels and Resorts.
- The Comp. entered into a management agreement with Four Season Hotels, Canada, for management of Company hotels & resorts at Mumbai, Goa & Bangalore.
- The Comp. proposed to change its object clause which, the Company was authorised to carry on the business of power generation & allied activities & dealing in foreign Exchange & to act as money changers.
- 1,00,000 - 16% CCP of Rs 100 & 29,00,000 - 17% CCP of Rs 100 issued on private placement basis.
1997
- The Comp. undertook to set up a beach resort consisting of 300 villas at Goa. Technical services & sales & marketing agreement was signed with Kempinski hotels S.A. for project.
- Hotel Leela Venture Limited, incorporated in 1981, to set up and operate 5-star hotels, entered into a collaboration with Penta Hotels of UK which was subsequently transferred to Kempinski Hotels, a European chain of 5-star deluxe hotels, owned by Lufthansa, the German airline.
- The Comp. set up its first 5-star deluxe hotel, Leela Penta, in Mumbai in 1986.
- Hotel Leelaventure had signed a 30 year lease agreement with AAI in February 1996 for 11,000 sq mts of land for expansion of its hotel by 150 rooms.
- HLV will be setting up hotels in the five star deluxe category at Bangalore, Delhi, Mumbai & Goa.
- The Comp. has also set up a subsidiary company, Leela Hotels Ltd., which will promote two greenfield projects.
1998
- Investment Information & Credit Rating Agency [ICRAs] has placed the non-convertible debenture & fixed deposit programmes of Hotel Leelaventure limited under rating watch.
- The company Rs 49.1-crore fixed deposit [FDs] programme with a current rating of MAA minus has also suffered the same fate.
1999
- The five star hotel project has been undertaken by 100 per cent subsidiary of Leela Hotels Ltd [LHLs] on a controversial plot the same plot was allotted earlier to MS Shoes East Ltd.
- Leela Hotels Ltd, a subsidiary of Hotel Leelventure Ltd, was awarded an interim relief the Delhi High Court after Leela sought legal redressal.
- Leelaventure is spreading its wings & has set eyes to build a hotel in the scenic backwaters of Kerala.
- The lease agreement with LSLL makes it paramount for Comp. to get a commercial complex built on the land with an area of 15,000 square meters.
2000
- The Comp. has allotted balance 80,47,4000 No. of equity shares to the promoters of Comp. viz., Leela Scottish Lace Ltd.
- The Comp. appointed a Dr. K. U. Mada as the Director & Mr Venu Krishnana as an Executive Director effective from 29th January.
- Mr. M. Narasimhan has resigned as the Director effective from September 20.
- The Comp. issued 15630000 Equity shares of Rs 10/- each at a premium of Rs 21 per share to the promoters of Company, M/s Leela Scottish Lace Limited on 6th April, 2000 on fully paid basis.
2001
- Hotel Leelaventure is setting up a five-star deluxe resort property in the Kannur district of Kerala state. The 100-room property would be developed by its wholly-owned subsidiary, Vision Hotels, & would be completed by end of 2001. The 300-room Bangalore five-star hotel had a soft launch on 15th July, 2001. In the first phase , 77 guest rooms are expected to be in commercial operation from August, 2001 and the rest of rooms with full compliment of facilities are expected to be progressively completed by end of 2001.
- During the year 2001, the Comp. also formed an arrangement for a joint venture to develop a large commercial complex on the land of Andheri-Kurla road, Mumbai.
2002
-Dr. Gunter resigns as director of company
-Board approves the proposal for amalgamation/merger of Leela Hotels witn Hotel Leelaventure
2003
-Ties up with General Hotel Management [GHMs] Singapore, the holding Comp. of Aman Resorts, for its Goa property
-Board approves voluntary delisting from Ahmedabad, Bangalore, Cochin, Delhi & Mangalore Stock Exchanges
-Board approves allotment of Non Cumulative Redeemable Preference Shares [NCRPSs] of Rs 317.50 million to the Holding Company, Leela Scottish Lace Pvt Ltd.
2004
- Delisting of equity shares of Comp. from Ahmedabad, Bangalore, Cochin, Delhi & Mangalore Stock Exchanges.
2006 -Hotel Leela Venture limited has appointed Mr. V.L. Ganesh as the Chief Financial Officer of Comp. with effect from November 01, 2006.
