HLV Ltd is a single-asset luxury hotel company built around one property - The Leela, Mumbai - that was carved out of a larger hotel group after the founders sold everything else, including the brand, to Brookfield in 2019 to settle debts. What remained was a 394-room airport-adjacent hotel on leased government land, operating under a name it no longer owns, with a recurring approach that explains everything else: it earns every rupee from rooms and restaurants at one address, fights a long-running lease battle to keep that address, and is now trying to build a second property in Kerala to stop being a one-hotel company. # Business segments A single luxury hotel that generates all its revenue from two streams - rooms and food - while a second property sits in early development. ## 1. The Leela, Mumbai: the company's only operating business **A 394-room luxury hotel at Mumbai's airport that earns money by selling rooms per night and food per cover, with a premium position built entirely on location and service reputation.** - **Location is the moat** - the hotel sits on 18,000 square metres of land leased from the Airports Authority of India, right next to Mumbai's airport, which gives it a natural advantage over competitors that the company itself says lets it charge a premium. - **Two revenue streams, one building** - it makes money from Room Revenue and Food & Beverage Revenue, with the rooms side running at an average rate of ₹11,105 per night and 74% occupancy in FY25, meaning roughly 298 of its 394 rooms were sold each day. - **Dining as a draw, not just an amenity** - the hotel houses signature restaurants like Jamavar (fine-dining Indian) and Le Cirque (European, a repeat Wine Spectator award winner) that pull in outside guests and drive the M.I.C.E. and weddings business, which feeds the food and beverage top line. - **Sold through someone else's network** - because the company sold its brand and management platform to Brookfield in 2019, it now pays a marketing fee to access Brookfield's distribution, which plugs the hotel into the Global Hotel Alliance (550-plus hotels, a 14-million-member loyalty programme) and Preferred Hotels & Resorts (850-plus independent properties with sales teams in 30 global offices). - **The lease is the existential risk** - the main land lease with the Airports Authority of India has been unilaterally terminated, eviction proceedings have commenced, and the company is fighting this in the Bombay High Court while simultaneously negotiating a settlement, with its entire going-concern assumption resting on a favourable outcome. ## 2. Vellimon, Kerala: a second hotel in early construction **A luxury resort and hotel project on Ashtamudi Lake that exists to give the company a second asset and reduce its dependence on a single property.** - **Land secured from a promoter entity** - the project sits on roughly 12.9 acres taken on a 30-year lease from Rockfort Estate Developers Private Limited, a promoter group company, with board approval granted in February 2024. - **Still at the boundary-wall stage** - as of the latest filing, work is limited to preliminary steps like building a boundary wall and securing local Panchayat approvals, so the asset is years away from generating any revenue. # Group structure and partners **HLV Ltd is a standalone company with no subsidiaries, operating its sole hotel on leased government land and relying on a marketing arrangement with the very buyer that acquired its former brand and hotels.** - **No corporate family** - the company has no subsidiaries, joint ventures, or associate companies as of March 2025, making it a pure single-asset entity with no diversification through corporate structure. - **The Brookfield relationship is complicated** - the 2019 sale of its Delhi, Bengaluru, Chennai and Udaipur hotel undertakings, along with its hotel management operations and the 100% shareholding in LPRL (which owned the Agra property), as well as the Leela brand and trademarks, to Brookfield was the transaction that created today's HLV Ltd, and the company now pays Brookfield a fee for the marketing and distribution access that lets its remaining Mumbai hotel reach global customers through GHA and Preferred Hotels & Resorts. - **Promoter-landlord overlap** - the company leases its laundry and office space from Leela Lace Holdings Private Limited (a promoter group company) and has a credit balance outstanding to Leela Lace and a deposit given to Rockfort Estate Developers, the same promoter-group entity that is leasing the land for the new Kerala project. - **The old sale is still in court** - ITC Limited, an 8.1% shareholder, has filed an oppression and mismanagement petition challenging the 2019 Brookfield transaction, and the matter has moved from NCLT to NCLAT, with a parallel SEBI-related appeal pending in the Supreme Court.