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Dubai’s Al Habtoor denies link with entity mulling acquisition of Leela hotel group

Dubai’s Al Habtoor denies link with entity mulling acquisition of Leela hotel group

Indian media reports claimed that Rashid Al Habtoor had revealed plans to buy the Indian hotel chain

Dubai-based conglomerate Al Habtoor Group has denied any link or relationship with Al Habtoor Trading Enterprises (HTE) and its owner Rashid Al Habtoor.

This follows news reports that Rashid Al Habtoor is mulling a potential acquisition of the Leela Group of Hotels in India with an equity infusion of about $600m.

“We feel obligated to clarify that Al Habtoor Group in all its divisions and Al Habtoor Trading Enterprises are two separate entities,” said a spokesperson for Al Habtoor Group.

“We want to clarify to anyone that might have the impression that the two entities are linked, that they are not in any way connected. Any actions or business decisions taken by Al Habtoor Trading Enterprises or any of their associates are their sole responsibility, and Al Habtoor Group is not liable for any damages or liabilities.”

Indian media reports had claimed that Rashid Al Habtoor had sent a letter to Indian finance minister Arun Jaitley and the hotel on January 15 stating that: “We understand that time is an essence and the entire transaction has to be completed by March 31. We are therefore conducting a macro due diligence of the company.”

“Simultaneously, our legal team will work on the binding documents required for the transaction which can be executed on completion of due diligence procedures,” it reportedly said.

Leelaventure, which has properties across India, had a debt of Rs 3,799 crore rupees ($53m) as of March 2018, according to local media reports.

The statement from Al Habtoor Group also clarified that Habtoor Hospitality (known as Habtoor Hotels) is owned solely by Al Habtoor Group in the UAE and overseas.

Habtoor Hospitality owns and operates 14 hotels including seven in Dubai and seven abroad. Its portfolio includes:

– Habtoor Grand Resort, Dubai Marina
– Waldorf Astoria Dubai Palm Jumeirah
– Habtoor Palace, LXR Hotels & Resorts, Dubai
– V Hotel, Curio Collection by Hilton, Dubai
– Hilton Dubai Al Habtoor City
– Al Habtoor Polo Resort, Dubai
– Metropolitan Hotel Dubai

Overseas

– Ritz-Carlton Budapest, Hungary
– InterContinental Budapest, Hungary
– Hotel Imperial, Vienna, Austria
– Hilton London Wembley, UK
– The President Abraham Lincoln Springfield, US
– Hilton Beirut Habtoor Grand, Lebanon
– Hilton Beirut Metropolitan Palace, Lebanon

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