Mumbai-based hotel firm Leela Palaces, Hotels and Resorts has acquired its first “wellness-anchored” resort, a 71-villa property in the Indian state of Western Ghats region of Karnataka state.
The Hindu Business Line reports the acquisition price is approximately 5.7 billion Indian rupees ($61.7 million).
The hotel will be repositioned and reopened as the Leela Coorg Forest Sanctuary by the end of the year, according to a Leela news release on the Bombay Stock Exchange.
Leela said it expects its new property to “generate stabilized revenue of 1.65 million Indian rupees to 1.75 million rupees” per year. The anchor facility at the hotel will be a 27,000-square-foot Ayurvedic wellness center.
Leela added that the hotel’s 76-acre site, near the town of Madikeri, has scope to add 54 acres and further rooms, with the first phase being the addition of 19 villas. The firm said the resort will benefit from being in the vicinity of the city of Bengaluru, of which it, this “key feeder market has witnessed a 120% increase in its millionaire population since 2013.”
In May 2025, Leela’s parent company Schloss Bangalore confirmed it planned to issue shares for Leela’s initial public offering valued at approximately 157 billion Indian rupees ($1.7 billion). Its first day on the Bombay Stock Exchange and on the India National Stock Exchange was June 2.
Toronto-based Brookfield is the principal sponsor of the Bengaluru-based Schloss Bangalore.
Currently, Leela has 15 hotels and approximately 4,160 rooms, and it has nine in its pipeline. Of that operating portfolio, Leela owns seven hotels, manages seven and franchises one.