Brookfield Asset Management-owned The Leela Palaces, Hotels and Resorts plans to expand its luxury hospitality portfolio with the addition of seven new hotels by 2028.

These properties, spread across heritage, spiritual, wellness, and nature-led destinations, will contribute over 678 rooms to its current inventory. The expansion includes a mix of owned and managed assets, all in various stages of acquisition and development.

Since 2019, when Brookfield acquired The Leela for Rs 3,950 crore, the hotel chain has grown from eight to 13 properties, increasing total room inventory from 2,495 to 3,553. Of these, five are owned, seven managed, and one franchised by a third-party owner. Schloss Bangalore, which operates the Leela brand, is launching a Rs 3,500 crore IPO this month.

The offering includes Rs 2,500 crore in fresh equity and a Rs 1,000 crore promoter stake sale, reduced from the initial Rs 5,000 crore due to improved cash flow and strong financial performance over the past year. The company is focusing on high-growth areas such as Mumbai, wellness retreats, wildlife tourism, and spiritual destinations to attract domestic and international travelers.