Hotel Leela Venture said its board has approved the proposed change in name of the company to ‘HLV Ltd’ or some other suitable name, if it is not available. As part of the Brookfield transaction, the word “Leela” would not be a part of the company’s name, Hotel Leela Venture said in a filing to the BSE. The board has also approved the resignations of Rajiv Kaul as President and Rajan Shah, its Chief Financial Officer as they wanted to move to Brookfield.
The Company will continue to own and operate the hotel in Mumbai, under the Leela Brand licensed to it by Brookfield. The Company also continues to own the land in Hyderabad and its share of apartments under the joint development project of residential apartments with Prestige Developers in Bangalore, adjoining The Leela Palace Hotel.