HLV

What HLV does

HLV Limited is a publicly listed Indian luxury hospitality company that owns and operates The Leela Mumbai, a 391-room resort-style business hotel in the Sahar, Andheri (East) area of Mumbai, featuring multiple dining venues, conference facilities, and a rooftop swimming pool. The company traces its origins to 1983 when Late Capt. C.P. Krishnan Nair founded The Leela brand; the corporate entity was rebranded from Hotel Leela Venture Limited to HLV Limited in 2019 after divesting all hotel assets except The Leela Mumbai. Its core offerings include luxury accommodations, food and beverage services, MICE facilities, weddings, and event hosting, supplemented by The Leela DISCOVERY loyalty program (via Global Hotel Alliance) and an international sales alliance with Preferred Hotels & Resorts.

The company operates a single-property revenue model with FY26 total revenue of ₹20,091.50 lakh (approximately ₹200.92 crore), driven by room rentals and F&B. Average room rates rose 12% in FY26, but lower occupancy and reduced F&B sales led to a slight revenue decline. Customer segments include business travelers and corporate clients (primary), leisure travelers, and MICE/group events. The company is family-controlled, led by Chairman & Managing Director Vivek Nair and Co-Chairman & Managing Director Dinesh Nair, with 36.49% promoter shareholding. There are no disclosed proprietary technology platforms; go-to-market relies on direct booking channels, the corporate website, Global Hotel Alliance referrals, and Preferred Hotels & Resorts international distribution.

HLV is executing an aggressive expansion strategy, having acquired a ₹560 crore ultra-luxury resort in Coorg in 2026 and announced plans to invest ₹1,330 crore from internal profits across new properties in Mumbai, Agra, Ayodhya, Bandhavgarh, Ranthambore, and Srinagar, plus a Dubai beachfront project with Brookfield. However, near-term financial health is stressed: net profit declined 92% to ₹207.99 lakh in FY26 due to Labour Code impacts and unutilized GST credits, the company has ₹1,007 crore in contingent liabilities, 36.49% of promoter shares are pledged, and analysts have maintained a 'Strong Sell' rating citing stretched P/E (103.8x–120x) and low 3-year ROE (4.37%).

Name

HLV

Legal name

HLV Limited

Website

https://hlvltd.com

Company type

Public

Founded year

1983

Operating status

Operating

Short description

HLV Limited is a publicly listed Indian luxury hospitality company that owns and operates The Leela Mumbai, a 391-room resort-style business hotel, and is pursuing an aggressive multi-property expansion across India and Dubai.

Ownership category

akta.pro rank

Product category

Luxury Hospitality Services

NAICS

Hotels (except Casino Hotels) and Motels (72111), Traveler Accommodation (7211)

SIC

Hotels & Motels (7011), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Resort-Area Full-Service Hotels (Non–All-Inclusive) (THAGAAAD)

akta.pro secondary industries

Business & Corporate Full-Service Hotels (THAGAAAE), Hotel & Resort Convention Venues (Convention Hotels) (THAHAAAC)

Keywords

• Luxury hotel accommodations
• Resort style hospitality
• MICE event hosting
• Fine dining services
• Hotel loyalty program

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain, Others

Revenue model

1. Hotel Operations: The company generates revenue primarily through hotel room rentals and food & beverage services at The Leela Mumbai. Revenue is driven by occupancy rates and average room rates.
2. Real Estate/Asset Monetization: Following the sale of all hotel assets (other than The Leela Mumbai), the company has been focused on this single property while pursuing expansion through new property acquisitions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

HLV Limited owns and operates The Leela Mumbai, a luxury resort-style business hotel established in 1983, featuring 391 rooms and suites, multiple dining venues, conference facilities, and a rooftop swimming pool. The company also offers the Leela DISCOVERY loyalty program through its Global Hotel Alliance partnership, alongside premium F&B and MICE (Meetings, Incentives, Conferences & Exhibitions) services for corporate and leisure guests.

Product overview

HLV Limited operates as a luxury hospitality company that currently owns and operates The Leela Mumbai as its sole operating hotel property, following the sale of all other hotel assets. The company offers luxury hotel accommodations and hospitality services through The Leela Mumbai, supplemented by membership in the Global Hotel Alliance (The Leela DISCOVERY loyalty program) and an International Sales & Marketing alliance with Preferred Hotels & Resorts. HLV is pursuing an aggressive luxury expansion strategy with planned investments in new ultra-luxury properties across India and internationally.

Differentiator

Problem solved

Functional benefit

Brands

• The Leela DISCOVERY: Loyalty program offered through alliance with Global Hotel Alliance
• The Leela Palace

Products and services

• The Leela Mumbai Luxury resort-style business hotel in Mumbai with 391 rooms and suites, multiple dining venues, conference facilities, rooftop swimming pool, and event spaces. Designed for business travelers, leisure guests, and corporate event organizers seeking premium accommodations near Mumbai airport.
• The Leela DISCOVERY Loyalty Program

Quantifiable outcome

• 12% increase in average room rates
• +1 more outcomes

Segments3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Three partnerships are on record, tiered core and major.

• Global Hotel AlliancecoreGTM or Marketing PartnerThe Leela Mumbai has an alliance with Global Hotel Alliance to offer The Leela DISCOVERY loyalty program to its customers, providing international recognition and benefits to hotel guests.
• Preferred Hotels & ResortscoreGTM or Marketing PartnerInternational Sales & Marketing alliance with Preferred Hotels & Resorts group to help push products to international global procurement heads in multinational corporations and travel companies.
• BrookfieldmajorStrategic or Co-development PartnerPartnership with Brookfield for a Dubai beachfront project as part of the company's luxury expansion plans outside India.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Marriott International: Marriott is a global hotel giant whose luxury flags (Ritz-Carlton, St. Regis, JW Marriott) compete with The Leela in the premium and luxury business traveler segment globally, including in Mumbai where Marriott operates multiple luxury properties.
• Aman Resorts: Aman operates ultra-luxury resort properties globally (and is expanding in India) that compete with The Leela in the destination-leisure and experiential luxury segment, particularly for HNW leisure travelers.
• Hyatt Hotels Corporation: Hyatt operates luxury and premium brands (Park Hyatt, Andaz, Grand Hyatt) that compete with The Leela Mumbai for high-end business and leisure travelers. Has significant presence in India including Mumbai, overlapping with HLV's target market.
• InterContinental Hotels Group (IHG): IHG operates InterContinental, Crowne Plaza, and other brands serving luxury and premium business travelers globally. Has meaningful Indian presence overlapping with HLV's luxury business traveler and MICE customer base.

Direct peers

• Schloss Bangalore (formerly The Leela Palaces under Brookfield): After HLV divested its other Leela-branded hotels, they were acquired by Brookfield and now operate under the Leela brand separately. This makes them a direct peer in the same luxury hotel category and brand family, although under different corporate ownership.
• Indian Hotels Company (Taj): Indian Hotels Company (Taj) operates the Taj brand of luxury hotels across India and internationally, competing directly with The Leela Mumbai in the premium/luxury business and leisure segment, particularly for corporate, MICE, and HNW guests in Mumbai and other Indian cities.
• ITC Hotels: ITC Hotels operates luxury and premium properties across India (ITC Royal Bengal, ITC Maurya, ITC Grand Central, etc.) and competes directly with HLV in the Indian luxury and MICE segment. Notably, ITC is also a litigation counterparty to HLV, underscoring how closely their footprints overlap.
• EIH Limited (Oberoi Hotels & Resorts): EIH operates the Oberoi and Trident luxury hotel brands across India, directly comparable to HLV in luxury positioning, business-traveler focus, MICE capability, and Indian market presence. Oberoi is one of the closest direct competitors to Leela in the premium segment.

Regional players

• Lemon Tree Hotels: Although Lemon Tree focuses on the mid-scale and premium segments rather than luxury, it is a publicly listed Indian hotel company of comparable size and capital structure to HLV, and competes for some corporate and group business in the same Indian metros.
• Mahindra Holidays & Resorts India: Mahindra Holidays operates Club Mahindra resorts across India. While targeting the timeshare/vacation ownership model rather than pure luxury hotels, it overlaps with HLV's leisure traveler segment in Indian destination locations relevant to HLV's announced expansion cities (Agra, Ranthambore, etc.).

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HLV