India?s Hotel Leelaventure has agreed to sell a hotel in Goa to a Malaysian company for 7.25 billion rupees (US$111 million) as the luxury hotels operator strives to cut its debt.
Leelaventure will sell the 206-room hotel to a unit of MetTube but will continue to manage it under a contract.
Leelaventure expects the deal, which it said was the biggest single-asset acquisition in India?s hospitality sector, to close by end-December.
The Goa hotel accounted for 15 percent of its total income for the last financial year to March 31.