HLV Ltd Share Price

History of HLV Ltd

HLV Limited, formerly known Hotel Leela Venture Ltd, incorporated in March, 1981 is one of the leading players in the Indian hospitality industry. The Company's name was changed to HLV Limited from Hotel Leela Venture Limited on 22 October, 2019. At present, Company is engaged in owning, operating & managing hotels, palaces and resorts. It operates in both, the leisure and business sectors. The Leela palaces and resorts include a chain of five star luxury hotels and resorts. The company properties include The Leela Kempinski in Mumbai, The Leela Palace in Goa, The Leela Palace Kempinski in Bangalore and The Leela Kovalam in Kerala. The company became a popular name in the hospitality industry in India due to their high quality of service to their customers. The Leela Kempinski in Mumbai ... is one of the best deluxe hotels of 5-star rating in India. The Hotel is spread over an area of 11 acres and has 396 rooms. The Leela Palace in Goa is a luxury resort and has around 152 rooms. The Hotel is spread over an area of 75 acres and boasts of a 12- hole golf course. The Leela Palace Kempinski in Bangalore is located near shopping, cultural, and business centers. The Hotel has 358 rooms, a business center, a royal club, and a fitness and pool center. The Leela Kovalam in Kerala is the biggest beach side resort in the state. Hotel Leela Venture Ltd was incorporated in the year 1981. The company entered into collaboration with Penta Hotels in UK to set up and operate 5-star hotels, which was subsequently transferred to Kempinski Hotels, a European chain of 5-star deluxe hotels, owned by Lufthansa, the German Airline. In the year 1986, the company set up their first 5-star deluxe hotel namely Leela Penta, in Mumbai. The hotel was renamed as Leela Kempinski in the year 1988, following the change in their marketing and sales tie-up. During the year 1993-94, the company commissioned 60 new rooms at the Leela Beach Resort and set up a mini golf course of 6 holes. During the year 1995-96, the company entered into management agreements with Four Seasons Hotel, Canada, for the management of the company's hotels and resorts at Mumbai, Goa and Bangalore. The Leela Palace in Goa started their operation in September 1998. During the year 1998-99, the company entered into sales and marketing agreement with the Kempinski Group for The Leela Palace, Goa. During the year 2002-03, Leela Hotels Ltd, a wholly owned subsidiary company merged with the company and during the year 2004-05, another wholly owned subsidiary company, Vision Hotels & resorts Ltd merged with the company. During the year 2005-06, the company acquired the Kovalam Beach Resort Hotel located in the pristine and scenic Kovalam Beach with 194 rooms. The Hotel after acquisition was renamed as The Leela Kovalam Beach, Kerala. During the year 2006-07, the company sold Leela Business Park to their associate company Rockfort Estate Developers Pvt Ltd for an aggregate amount of Rs 139.7 crore. Also, they acquired land at Adyar Beach, Chennai, Banjara Hills, Hyderabad and Yerwada, Pune for setting up new hotels. Kovalam Hotels Ltd, a subsidiary company was amalgamated with the company with effect from December 4, 2007. During the year 2007-08, the company entered into strategic relationship with Global Hotel Alliance to enhance the global reach of sales and marketing network. Also, they made a tied up with ESPA of London, one of the leading SPA management companies in the world, to manage their SPAs across all their properties. They established marketing presence in New York to support their overall sales and marketing strategy. During the year 2007-08, 66 rooms were renovated at the Goa Resort and 100 rooms were refurbished at the Bangalore Hotel. The Company upgraded the Banquet Hall and set up a Beauty Salon at the Kovalam Resort. Upgradation of public areas at the Mumbai Hotel also was carried out in 2008. The operations in Gurgaon commenced during financial year 2008-09. The opening of Gurgaon hotel and residences heralded the arrival of the Company in the Delhi National Capital Region. This property, with 322 guest rooms and suites and 90 serviced residences, was operated under the 'The Leela Kempinski' brand. The Leela Palace Kempinski, Udaipur 'The Jewel by the Lake' was opened in April, 2009. The Leela Palace New Delhi in Chanakyapuri was opened in April, 2011. The Company in 2011-12 sold its Kovalam Hotel undertaking for Rs 500 Crores by slump sale through a Scheme of Arrangement and made it effective on 21st March 2012. It added 20 guest rooms at its Goa hotel property, resulting an increase of total room inventory to 1890 including those under Management. The Company, through its subsidiary / associates, acquired land in Agra for a hotel facing the Taj Mahal and in Lake Ashtamudi, Kerala for a backwater resort. The Company had purchased about 4.21 acres of land in Pune and 3.85 acres of land in Hyderabad for building hotels in these locations. The Company's prestigious hotel 'The Leela Palace Chennai' was formally opened to guests on 11th January, 2013. In 2014-15, the Company transferred Leela Realty Limited, a small non-material subsidiary, to a promoter group company, viz. Leela Lace Holdings Private Limited for a consideration, on 1st January, 2015. HLV Ltd. faced financial difficulties and significant loans, leading to the sale of most properties to Brookfield in 2019, leaving the company with the original Mumbai hotel and other assets.