The Leela Group is set to sell its marquee property in Kovalam as part of an ongoing exercise to ease its debt burden, Economic Times said.Although Leela Resorts Kovalam is being sold for 500 crore to Ravi Pillai, Leela would still manage the property for 30 years. Leela Venture, a listed company, had accumulated debt of 3,830 crore at the end of FY11 owing to capital expenditure of over 4,000 crore, which is currently underway. This includes 3,200 crore on new hotels in Udaipur and Delhi. The company also expects to spend 1,200 crore on building a hotel in Chennai, which is scheduled to open in December, the report said.It said the company has been looking to sell properties across the country to cut its debt. In March, the company announced plans to sell an IT park in Chennai for 950 crore.
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