Marketing Management Project 2 - The Leela Hotels Marketing Strategy v1.0

Hotel LeelaVentures Marketing Strategy Analysis
1
MARKETING MANAGEMENT 1
Project 2
HOTEL
LEELAVENTURES
Marketing Strategy Analysis
Section 4 Group 13
Pragun Jain (FT154081)
Chandra Kant (FT154081)
Swapnil Sharma (FT154081)
Sidhharth Mangawa (FT154081)
Santosh Krishnan (FT154081)
Mohit Mishra (FT154081)
Kresha Shah (FT154081)

2
Marketing Management Project 2
Leela Hotels – Marketing Strategy and Financial Analysis
Company Overview:
Hotel Leela Ventures Limited began its journey in 1986 with the inauguration of the Leela
Mumbai. It’s been 28 years since and Hotel Leela Ventures Limited has continued to grow in
every aspect of the industry. It is known for its top-of-the class chain of Hotels in India and
abroad. Hotel Leela Ventures Limited is spearheaded by Capt. C. P. Krishnan Nair as the
Chairman Emeritus & Founder Chairman. The name Leela Hotels is named after the wide of the
founder chairman. The registered corporate office of Leela Hotels is at The Leela, Mumbai,
Sahar, Mumbai - 400 059. The official website is: Website: www. theleela.com and official
email id: investor.service@theleela.com.
The total revenues for the year 2012-2013 for the company were Rs. 660.54 Crores and the
total loss was Rs. 433.45 Crores. In terms of the approval accorded by the Shareholders of the
Company at the last Annual General Meeting held on 20th September, 2012, the Company has
allotted 30,826,140 fully paid up Equity Shares of Rs. 2 each, at a price of 32.44 per Equity Share
(including premium of Rs. 30.44 per Equity Share) aggregating to Rs. 100 Crores to a promoter
group company during the year under review and the same has been listed on the stock
Exchanges.
Hotel Leela Venture Ltd
BSE: 500193 | NSE: HOTELEELA | ISIN: INE102A01024
Market Cap: [Rs.Cr.] 1,066 | Face Value: [Rs.] 2
Industry: Hotels
23.55-0.05 [0.2]%
BSE May 30,16:00
Day's High | Low 24.40 | 23.35
Day's Volumes 93,312
52Wk High | Low 26.40 | 14.00
Open Price 23.50
Turnover 1,475,256.00
Deliverable Vol. 31,048
6 Mth. Avg. Vol. 155,933.32
23.60-0.05 [0.2]%
NSE
May 30,15:57
Day's High | Low 24.50 | 23.55
Day's Volumes 232,446

3
52Wk High | Low 26.45 | 14.30
Open Price 23.55
Turnover 5,323,120.95
Deliverable Vol. 136,576
6 Mth. Avg. Vol. 492,009.50
Key ratios
Mar-13 Mar-12 Mar-11
P/E (x) 0.00 69.06 40.95
P/BV (x) 1.61 1.46 1.70
RONW (%) 0.0 -39.7 3.4
ROCE (%) 0.0 -0.5 2.3
EV/ EVBIDTA (x) 44.56 12.19 29.96
Dividend Yield (%) 0.0 0.0 0.0
APATM(%) -66.3 -61.4 6.3
EPS 0.0 0.5 1.0
Shareholding Pattern
Particulars
No. of
Shares(Mn)
%
Holdings
Total Promoter Holdings 283.18 62.7
Total Govt Holding (Promoter + Non Promoter) 0.00 0.0
Total Domestic Institutions (Banks/ FI + MF / UTI) 25.10 5.6
Total Foreign Holdings (FII+NRI holdings) 14.42 3.2
Total Non Promoter Corporate Holdings 64.88 14.4
Total Public & Others (Individuals + HUF + Clearing members) 64.03 14.2
Total 451.61 100
Split
Date FV Before FV After
08-Sep-06 10.00 2.00
Dividend
Year End Dividend Per Share Dividend(%) Remark
21-Jun-11 0.2 7.5 Final
04-Aug-10 0.2 10.0 Final
14-Aug-09 0.4 20.0 Final
07-Aug-08 0.5 25.0 Final
03-Aug-07 0.2 7.5 Final
20-Mar-07 0.3 15.0 Interim
13-May-05 0.0 4.0 Interim 2

4
09-Dec-04 0.0 6.0 Interim
The huge loss undertaken by the company makes it an ideal subject of study. Leela Hotels in its
rich history has gone through various transitions with the latest one in year 2012 when it split
for its long time partner and took the stand alone name of Leela Hotel from the previous name
of Leela-Kempinsky. The new brand identity is a result of a great collaboration with
internationally renowned branding experts, Landor Associates, Paris; an acclaimed digital firm
for Fortune 500 companies, Rare Medium, Atlanta, US; and a master Indian calligrapher, Satya
Rajpurohit.
Leela Hotels since its split has been into an expansion spree. In the following article, we will
study the marketing strategy of Leela Hotels after the split and the financial overview of the
company and the details pertaining to the split.
The Company owns and operates six hotels at New Delhi, Mumbai, Bangalore, Goa, Udaipur,
Coimbatore, Agra, Kollam, and Chennai, besides operating two hotels at Gurgaon and Kovalam
under Management Contracts. The Leela, Mumbai is the second largest revenue earner for the
group with an income of Rs 165 crore last year, after the Bangalore property which had raked in
Rs 180 crore in 2010. With the opening of the Chennai hotel, the total room inventory stands at
2,211 guest rooms including those under Management. The Leela Mumbai is built on 11 acres
of land, while the second hotel in Goa is built on 75 acres of land in South Goa. Th luxury resort
took inspiration from Portuguese heritage and has 206 guestrooms and suites classified
according to these categories: Pavilion Rooms, Lagoon Suite, Royal Villa, Presidential Suite,
Conservatory Premiere, and Club Suite. In 1997, Captain Nair went on to build the group's first
modern hotel with 357 rooms, inspired by the Mysore Palace and the architecture of the 13th
century Vijayanagara empire and is surrounded by seven acres of gardens. The Leela Group
opened its second resort in 2005 - The Leela Kovalam in Trivandrum.By 2009, Nair added two
more properties to his portfolio in Udaipur (Rajasthan) and Gurgaon. The Leela
Kempinski Gurgaon is the group's first non-owned, managed property. The Leela Palace New
Delhi opened in April 2011. The palace is inspired by Sir Edwin Lutyen’s Delhi. The company is a
member of Global Hotel Alliance based in Geneva.
Captain CP Krishnan Nair expired on 17 May 2014 at Hinduja Hospital in Mumbai at the age of
92. He stepped down as the chairman of Hotel Leela on 7 February 2013 and was succeeded by
his eldest son, Vivek Nair.
The Subsidiaries of Hotel LeelaVenture Limited are:
 Leela Realty Limited
 Leela Palaces and Resorts Limited
Since its founding, The Leela has been at the forefront of bringing alive the drama and
grandeur, one that goes far beyond the grand facades and theatrical interior design. The group
is dedicated to extending warm, gracious, anticipatory service in settings that ideally capture

5
the essence of India. The authentic Indian experience found across the hotels and resorts
exemplifies the group’s underlying philosophy to delight and exceed guest expectations
through gracious Indian hospitality, known in the ancient Indian scriptures as ‘Atithi Devo Bhava
or ‘Guest is God.
LeelaVentures has partnerships with 15 airlines:
 Air France/KLM
 All Nipon Airlines
 British Airways
 Cathay Pacific
 China Eastern
 Emirates
 Etihad Airways
 Jet Airways
 Lufthansa
 Qatar Airways
 SAS-Scandanavian
 Singapore Airlines
 SouthAfrican Airways
 Thai Airways
 Air Baltic
The list of Offices of LeelaVenture ltd.:
India offices of Leela
 Ahemdabad
 Bangalore
 Chennai
 Hyderabad
 Kolkatta
 Mumbai
 New Delhi
 Pune
International Offices:
 London
 New York
 Dubai
 France
 Germany

6
 Switzerland
 Singapore
 Hong Kong
 Russia
The partnerships of the Leela with global airlines and its international offices indicate its global
presence and international brand value acceptance.
Weddings at Leela:
A tranquil oasis nestled in a bustling economic hub, The Leela Mumbai is the ideal location for
any wedding or celebration. Commemorate your special day the way you’ve always dreamed.
From an intimate group to a gathering of a 1,000, The Leela Mumbai will take care of every
arrangement with our legendary hospitality.

7
Industry Overview:
Before we go further into deep analysis of the company Hotel Leela Ventures Limited, let’s
study the hotel and hospitality industry in India.
As per news report on 23 May 2014,NEW DELHI: Prime minister designate Narendra Modi's
pro-tourism agenda is bringing hopes of a revival in the tourism and hospitality industry that
have been down in the dumps for some time now. This week, hotel stocks have risen between
5% and 32%. Tata owned Indian Hotels Company grew 11.2%, EIH, which runs
the Oberoi hotels, grew 9.7% and Hotel LeelaVenture grew 21.5%. Last year, India received a
dismal 6.5 million, or just 0.6% of the world's in-bound tourist arrivals. Of this, nearly three
million are people of Indian origin (PIOs) and tourists from Nepal. In contrast, Thailand received
over 26 million tourist arrivals in the same year. The budget allocation for the tourism ministry
in 2013-14 was Rs 1,297.66 crore, up from Rs 1,210 crore a year ago. One of Modi's biggest
tasks after he became the chief minister of Gujarat was to remodel the state as a top tourism
destination. He employed Bollywood star Amitabh Bachchan as the brand ambassador for the
state's tourism and unleashed an advertising and marketing campaign spearheaded by Ogilvy &
Mather. So successful was the campaign it even became a topic of research at the Indian
Institute of Management-Ahmedabad (IIM-A). "Domestic tourist arrivals in Gujarat have
ramped up considerably, with an almost 33% rise in the numbers from within the state, a 50 %
rise from other parts of India and from non-resident Indian (NRIs), and an almost 100% increase
from foreign tourists," said an IIM-A statement.
From the report above it can be clearly inferred that the Hotel Industry in India is heading back
to its former glory. Moreover, we notice the strength of LeelaVenture Ltd by the 21% jump in
its share price. The industry is looking for a clearer direction on the visa facilitation, last mile
connectivity, convergence of government departments to work towards tourism and skill
development to create new jobs.
It is imperative to study the Hotel Industry trend in the past 5 years since the world has
recovered from recession and people again look towards tourism to be a booming business. A
lot has changed in this transition period. The choices and preferences of consumers have
shifted. There are new global tourism hubs in South Asia. And not to forget, the glory of US and
Europe as tourist destinations been left behind.
We go through another newspaper report to study the current position of the tourism industry
in India and its future growth prospects. The report states: “The Indian tourism and hospitality
industry has emerged as one of the key drivers of growth among the services sectors in India.
Tourism in India is an employment generator and a significant source of foreign exchange for
the country, apart from being an economic activity that helps local and host communities. In
2013, the travel and tourism industry contributed Rs 2.17 trillion (US$ 36 billion) or 2 per cent
to the country's gross domestic product (GDP). This is expected to rise to Rs 4.35 trillion (US$
72.17 billion) in 2024.The tourism industry in India is thriving due to an increase in foreign

8
tourist arrivals (FTA) and a greater number of Indians travelling to domestic destinations than
before. The revenue from domestic tourism is likely to grow by 8.2 per cent in 2014 as
compared to 5.1 per cent a year ago, according to the World Travel and Tourism Council
(WTTC). Hotels are also an extremely important component of tourism industry. The Indian
hospitality sector has been growing at a cumulative annual growth rate of 14 per cent every
year adding significant amount of foreign exchange to the economy. The Government of India
has contributed significantly to the growth and development of the industry by providing policy
and infrastructural support such as simplification of visa procedures and tax holidays for
hotels”.
We find that the Indian tourism industry is poised to grow at a much faster rate than previous
year’s. It also helps to bring in hefty foreign exchange into the country. The Government of
India also recognizes this sector as a lucrative sector which is growing faster than most of the
other service sectors in the Indian economy.
Market Size:
India's travel and tourism industry is expected to grow by about 7.3 per cent in 2014, according
to WTTC. The total market size of tourism and hospitality industry in India stood at US$ 117.7
billion and is anticipated to touch US$ 418.9 billion by 2022.
FTAs during the period January–March 2014 stood at 21.27 lakh as compared to FTAs of 20.27
lakh during the corresponding period of 2013, registering a growth of 4.9 per cent. FTAs during
March 2014 were 6.69 lakh as compared to 6.40 lakh during March 2013, a growth of 4.5 per
cent.
Foreign exchange earnings (FEE) during January–March 2014 stood at Rs 32,809 crore (US$ 5.44
billion) as compared to FEEs of Rs 30,270 crore (US$ 5.02 billion) during the corresponding
period of 2013, registering a growth of 8.4 per cent. FEEs during March 2014 were Rs 10,257
crore (US$ 1.70 billion).
The number of tourists availing of the tourist Visa on Arrival (VOA) Scheme during January–
February 2014 has recorded a growth of 6.8 per cent. During the period, a total number of
3,883 VOAs have been issued as compared to 3,637 VOAs during the corresponding period of
2013.
Investments:
The foreign direct investment (FDI) inflows in hotel and tourism sector during April 2000 to
January 2014 stood at US$ 7,013.29 million, as per the data released by Department of
Industrial Policy and Promotion (DIPP).
The Ministry of Tourism has been making efforts to develop quality tourism infrastructure at
tourist destinations and circuits. It has sanctioned Rs 4,090.31 crore (US$ 678.54 million) for a
total number of 1,226 tourism projects, which includes projects related to
Product/Infrastructure Development for Destination and Circuits (PIDDC), Human Resource

9
Development (HRD), Fairs and Festivals, and Adventure and Rural Tourism for infrastructure
augmentation.
The Ministry of Tourism has a Rural Tourism Scheme with the main objective of showcasing
rural life, art, culture and heritage in villages, which have core competence in art and craft,
handloom, textiles, natural environment, etc. Under this scheme, Central Financial Assistance
(CFA) up to Rs 5 million (US$ 82,937) for infrastructure development and up to Rs 2 million (US$
33,174) for capacity building is provided to State Governments/Union Territory Administrations
for each identified site by them.
The domestic hospitality sector expects 52,000 new hotel rooms to be added in five years
(2013–17), according to a survey by real estate consultancy, Cushman & Wakefield. This will
lead to a rise of over 65 per cent in total hotel inventory in India. The National Capital Region
(NCR) is expected to contribute around one-third to the total expected hotel rooms supply
during the period.
Further, the Working Group on Tourism for the 12th Five-Year Plan, set up by the Planning
Commission, has estimated the generation of additional employment of 24.5 million (direct and
indirect) in the sector during 2010–16. The Ministry of Tourism’s 12th Five Year Plan Document
demonstrates how tourism as a tool can be used for sustainable development, employment
generation and poverty alleviation. The document has set specific goals to be achieved through
tourism in the country. A threefold increase in plan allocation (Rs. 15,190 crore for 2012-17
period as against Rs. 5,169 crore in the 11th Plan) for the tourism sector for the next five years
is touted as a big recognition for this sector.
As per reports of the World Tourism and Travel Council, Travel & Tourism supported53 million
direct and indirect jobs, that is 9.2% of the total employment in India. Over the next five years,
Travel & Tourism jobs in India are expected to increase to a total 78 million jobs, when the
shortfall of 180,000 guest rooms is bridged
Road Ahead:
The road ahead for the Indian Hotel Industry with all the initiatives by private sector and the
government looks to be on a path towards growth and maturity. The focus of the new
administration will have a lot of impact on the output of this sector.
The sector provides a high amount of job opening while also being one of the major sources of
foreign exchange revenues. The above listed developments will have major impacts on the
marketing strategies of all the players throughout the industry. The growth rate recorded by
LeelaVenture Ltd and the premium segment of tourists and business that it serves to make it
one of the front runners in all expects of the industry and a leader in seating up the industry
trends.

10
Clearly, the tourism and hotel industry in India are highly seasonal with the peaks in November
to February season and the dips in the scorching summers of India. We also observe that the
sector went through a dip in the year 2008-09 but is on revival since 2011. The average room
rents peaked in 2009 but now the industry is slowly creeping up to its former glory.
Now we do through the comparison of key players in the industry:
Leela Ventures Key Ratios:
Mar-13 Mar-12 Mar-11
P/E (x) 0.00 69.06 40.95
P/BV (x) 1.61 1.46 1.70
RONW (%) 0.0 -39.7 3.4
ROCE (%) 0.0 -0.5 2.3
EV/ EVBIDTA (x) 44.56 12.19 29.96
Dividend Yield (%) 0.0 0.0 0.0
APATM(%) -66.3 -61.4 6.3
EPS 0.0 0.5 1.0
Industry comparison:
Company
Market Cap
(Rs. in Cr.)
P/E (TTM)
(x)
P/BV
(TTM)
(x)
EV/EBIDTA
(x)
ROE
(%)
ROCE
(%)
D/E
(x)
Indian Hotels 7,182.71 71.16 2.17 124.51 2.3 5.5 0.78

11
EIH 4,672.42 43.25 1.95 16.21 3.0 5.5 0.14
Mahindra Holiday 2,369.09 25.06 3.00 11.42 17.8 9.4 0.00
I T D C 1,287.84 144.38 4.02 441.82 1.0 1.5 0.00
Hotel Leela Ven. 1,065.78 0.00 7.35 44.56 0.0 0.0 6.31
Ster. Holid.Res 951.77 0.00 3.91 0.00 0.0 0.0 0.36
Speciality Rest. 702.52 37.21 2.42 16.94 11.6 14.2 0.07
The Byke Hospit. 659.75 41.49 9.10 25.90 11.1 15.8 0.27
TajGVK Hotels 521.04 148.39 1.50 10.38 2.6 6.5 0.61
EIH Assoc.Hotels 511.74 19.78 2.58 6.71 12.9 15.7 1.04
Oriental Hotels 387.56 0.00 1.49 8.91 1.2 4.7 1.04
Sayaji Hotels 232.14 0.00 3.03 105.83 0.0 0.0 1.29
Asian Hotels (N) 231.07 8.40 0.38 9.80 4.5 6.9 1.06
Bharat Hotels 216.19 0.00 0.31 0.00 -6.0 2.9 1.08
Asian Hotels (E) 207.35 7.58 0.25 4.94 2.9 3.5 0.00

12
Marketing Strategy Analysis:
In this document we shall study the marketing strategy of the company in different parts:
1. General Strategy/Umbrella Strategy
2. Post Leela Kimpinski Split in 2012 - Asset Light Strategy
3. Hotels based on Strategic Locations
4. Post Recession Strategies
General Strategy:
As we know that the Hotel LeelaVentures Ltd. serves to elite class, therefore, the target
customer base of the company is limited. Its strategy is based on its intensive focus on
customer delight of the niche market segment. The rates for a night start from Rs 8600 for a
deluxe suite at Leela Mumbai to a staggering amount of Rs 450,000 for the Maharaja Suite at
Leela, New Delhi. The focus on this niche segment is shown by the design of the Leela Hotels,
the room rentals and the services offered. Each hotel has a unique design which is inherited
from the heritage of the location. The entrance of the Leela, New Delhi has a bronze statue of a
Devi (Goddess) whereas the Leela, Udaipur is based on the architectural design of the great
forts and palaces of Rajasthan and thus derives the name Leela Palace, Udaipur. The designs of
Leela Hotels speak about their focus on the top segment of tourists. At the end of this strategy
we will look at some pictures from different Leela Hotels around the country to observe the
luxury they offer
The hotel industry in India is a seasonal industry with its peak in winter and dip in summers.
Therefore, the discounts are offered in the off season whereas the peak season coincides with
the wedding season in India, it is combined with group packages and destination wedding
packages. LeelaVentures caters heavily to the business segment and foreign tourists. The
general strategy involves partnerships with corporate clients and international holiday package
companies. As a part of catering the niche segment of the market, the company has got a
unique clientele and to cater to the tastes of these clients is a challenge for any competitor in
the industry.
As a general trend in the industry all the Leela Hotels also provide for fine dining restraints
inside the hotels campus. These restaurants are in partnership with leading global food chains
and provide a plethora of traditional, authentic and international dishes. To prove the point,
the latest feather in the cap for hotel Leela includes: “LE CIRQUE OPENS FIRST
‘SIGNATURE’ RESTAURANT IN INDIA AT THE LEELA MUMBAI”. Le Cirque Signature offers
the signature and most popular specialties fromthe brand’s fabled restaurants around the
world along with new creations for Mumbai epicures by celebrated Michelin noted chef Matteo
Boglione from the flagship Le Cirque, New York. The unrivalled experience is complemented by
a repertoire of French and Italian wines for aficionados and diners to relish the hallmark service
of the iconic fine dining Le Cirque brand in a more relaxed and chic setting on the top floor of
The Leela Mumbai. The French-Italian restaurant will be helmed by Chef Matteo Boglione who

13
has been much acclaimed by the revered critics of New York City. His guests over the years have
included Leonardo Di Caprio, Sarah Jessica Parker, Woody Allen, David Bowie, and Gwyneth
Paltrow.
The hotels also have arrangements for corporate meeting and wedding catering. The Leela,
Mumbai wedding hall can accommodate up to 1000 people. LeelaVentures has a pan India
presence with 7 operating branches and multiple projects under development. The buildings
are designed, structured and built according to the LEED Platinum norms. All the operating
hotels, resorts and palaces have got LEED Platinum accreditation. Therefore, since its inception
in 1986, the Leela Hotels have been focusing on energy efficiency and environment-friendly
technologies.
The other general strategies implemented by the company are emphasis of internet presence
and e-marketing. Internet and social media play an increasingly important role in structuring a
company’s or brand’s image in today’s world. Therefore, it is of utmost importance to
emphasize on this modern tool of marketing. The company has redesigned its website and
focuses on its presence and brand value and image on social websites such as facebook.com
and twitter.com. It also includes youtube.com in its marketing strategy.
Human resource management is also an important part of the general marketing strategy of all
companies in the hospitality sector. The customer delight in the tourism and hotel industry is
completely dependent on the experience of the customers. This experiences is enhances by the
staff of the hotel, their prompt response and caring service which when combined make the
customer feel like a king. The "Leela Management Training Program" backed by a
strong "Leela Academy of Learning", have continued to provide the cutting edge difference
ensuring that there is a pipeline of nurtured and developed talent in all the areas of Hotel
Operations viz: Front Office, Food & Beverage Service, Kitchen, Housekeeping and Sales &
Marketing.
Health and Safety Management System in the Company aims to reduce, eliminate or control
workplace hazards and associated risks of illness or injuries to the employees, customers and
contractors who might be affected by the Company’s work activities.
The company is committed to ensure healthy and safe working environment for all concerned
and to improve the Health and Safety performance. Through a systematic process, the
company aims to:
• comply with the requirements of all relevant statutory, regulatory and other provisions.
• provide and maintain safe & healthy work place through operational procedures, safe
systems and methods of work.
• provide sufficient information, instruction, training and supervision to enable all employees to
identify, minimize and manage hazards and to contribute positively to safety at work.
• conduct audits and mock drills on site to ensure that operations are incompliance with Health
and Safety management requirements and for emergency preparedness.

14
We will now look at some of the pictures of different Leela Hotels which emphasize the
company’s focus on the top segment in the market and the luxury the hotels offer to their
guests.

15
Post Leela Kimpinski Split in 2012:
Moving on to the first part, the Leela Kimpinski split in year 2012. Hotel Leela bought the entire
Kempinsky share (the land and buildings of the Hotels) for Rs 417.66 Crores, incurring a huge
loss for the year 2012-2013. Only the two hotels in Gurgaon are under the maintenance
contract and held on to the Leela-Kempinski title until recently.
The Company is adopting an “Asset Light Strategy” for future growth. Pursuant to this strategy,
the Company plans to operate hotels through Management Contracts, instead of owning the
hotels. The Company has executed a Memorandum of Understanding with Bhartiya City
Developers Private Limited, which is constructing a luxury hotel with 250 guest rooms,
Residences and a Convention Centre in Bangalore. The Company has also executed a
Memorandum of Understanding with Supertech Realtors Private Limited, to manage a Palace
Hotel in Noida with 250 guest rooms and Residences. These hotels are expected to be
operational within next 3 to 4 years.
The Company, through its subsidiary / associates, had earlier acquired land in Agra for
constructing a hotel facing the Taj Mahal and also land near Lake Ashtamudi, Kerala for
construction of a backwater resort. The Company is planning to enter into joint venture with
investors who can build hotels without further investment by the Company so that the
Company can build hotels without further investment by the Company so that the Company
can manage and operate these hotels under long term management contracts.
The Company is taking steps to monetize certain non-core assets in terms of the Corporate
Debt Restructuring package being implemented by the Company. The Company’s joint
development project on 4.21 acres of land in Pune for construction of high end residential flats
has received the requisite approvals and the work has commenced. The Company’s joint
development project on 2 acres of land next to The Leela Palace, Bangalore for developing high
end Residences is in the process of getting the requisite approvals. The Company has entered
into an agreement for sale of Chennai I. T. Park for Rs. 170.17 Crores and has received advance
of Rs. 120.17 Crores. The sale is expected to be completed by September 2013. The Company
plans to sell its 3.84 acres land in Hyderabad during the current year.
The Company has attracted internationally acclaimed restaurants, spas and salons as partners.
The Leela Palace, New Delhi houses the worlds’ foremost fine-dining establishments such as Le
Cirque and Megu. The company has also collaborated with the renowned Spas by ESPA of
London. ESPA are currently available at The Leela Palace New Delhi, The Leela Palace Udaipur
and The Leela Mumbai. Similarly, the company has partnered with Warren Tricomi, the world’s
foremost salon brand. The salons are located at The Leela Mumbai and The Leela Goa. It will
soon be launched in other hotels as well.
The Leela Palace Chennai was launched supported by an advertising campaign strategically
placed in high end business publications, translates at prime sites in Chennai and Delhi airports
as well as bulkheads inside Jet Airways.

16
To monitor the company’s online brand equity, the company has launched an online reputation
management tool –Revinate, across all hotels.
As a part of CSR strategy, in 2012-13, each of the the Leela property further strengthened
partnerships with local NGOs in each destination to ensure charitable donations where
uniforms, books and magazines, kitchen utensils are donated to underprivileged groups and
individuals. Each property also launched a Training Programme, named “Hunar Se Rozgar Tak”,
to create employable skills in the local youth from 18-25 years and who are minimum 8th
standard pass. The courses cover diverse skill sets from Food & Beverage Service to
housekeeping to improve the trainees in behavior and attitudes in order to enhance their
market acceptability.
The Leela Kempinsky split has a high impact on the financial results of the company as the
company had to buy the share of Hotel Kempinsky, resulting in an overall loss in the annual
statement of 2012-13. Also the company is in expansion mode with many projects under
construction which adds to the expenses by the company. Over the past few months the share
price of the company has consolidated and there is an increase in the total market value of the
company. The company looks forward to its glory days of the pre 2008 era.

17
Hotels based on Strategic Locations:
In a bid to woo its clients, Hotel Leelaventure Limited is following aggressive sales and
marketing strategy to promote its hotels. The hotel has also come up with special summer
packages for its Goa and Kovalam property. The group is aggressively promoting its three
properties including The Leela Palace Bangalore, The Leela Goa and The Leela Kovalam Beach,
Kerala.
Due to the economic meltdown, The Leela Kovalam Beach, Kerala which caters to multiple
clients including leisure, MICE, corporate and business segments was affected by five to 10 per
cent
Here is an excerpt from one of the news reports: The Leela Kovalam Beach, Kerala says, “As per
our yearly plans, this year also we have tied-up with travel agents and given them targets to
work on. Also, with our tie ups with global websites, the web booking has increased.” Instead of
dropping the rates we will provide value addition to our guests
During recession, the hotel catered to 80 per cent of European clients and 20 per cent of
domestic clients. However, the hotel accounts for 60 per cent business and 40 per cent leisure
clients.” For the past few months, Goa was in the news for accidents in its beaches. The Leela
Goa has gone a step ahead to ensure safety for its guests. “Since the hotel has an open beach,
we created a safe swimming zone which is manned by life guards and life boats.” Even as the
revenues were affected during recession, the Indian hotel market became a preferred spot for
foreign customers adding to the upside in the after-recession period. We also observe that
Leela hotels are preferred by business customer than by leisure customers.
The locations of the hotels are specifically chosen for a particular set of customers and the
design and services offered by the particular hotels specifically cater to the needs of these
special targeted customers. The Leela Goa and Leela Udaipur are designed and located for
leisure customers whereas the Hotels in Delhi, Mumbai and Bangalore are based right at the
heart of business hubs and near the airports and cater specifically to the needs of business
customers. The individual revenue analysis of these hotels also proves the importance of this
strategy.
The projects are classified into three distinct groups:
1. Leela Hotels
2. Leela Resorts
3. Leela Palaces

18
The Hotels are based in Delhi, Mumbai, Chennai, and Bangalore. The resorts are based in Goa
and Kerala whereas the Palaces are based in the hearts of cities with palaces namely, Udaipur,
Jaipur and Agra.
The distinction in names also defines the distinction in the functions of these groups. The
resorts being the tourist destinations attracting tourists from around the world to spend their
vacations. The Hotels being the ‘business hubs’ in the business hubs of India and the palaces,
built in the most heavenly locations, appealing to the most distinct set of customer who want
to spend a lavish vacation and live life King size.

19
Post 2008 Recession Strategies:
The average room tariff has reached back to the pre-2008 crisis level. While a current booking
will cost a guest Rs 20,000 in peak season, the average revenue per room stands at Rs 9,805 for
November, while the average room rate stood at Rs 9,856, which is 24.2 percent higher than
last year.
Marketing Strategies:
• The Company engaged the services of Landor Associates - the world's foremost branding
experts - to undertake a branding exercise for the group to help strengthen the brand.
• A new logo in the form of a monogram, a singular and distinctive 'L' was launched in a phased
manner across various platforms including sales and marketing collaterals and advertising
creative.
• The new brand website was unfolded incorporating the new branding guidelines.
• The Leela Palace Chennai was launched supported by an advertising campaign strategically
placed in high end business publications, translates at prime sites in Chennai and Delhi airports
as well as bulkheads inside Jet Airways.
• As part of efforts to reach out to the past and present guests, the company initiated CRM
activities that included communicating with guests during their special occasions and used the
medium extensively to launch various promotional offers such as 2013 Weekends on Sale, etc.
Distribution:
• Leela Reservations Worldwide, the centralized reservations center has been introduced to
offer 24x7 services across the globe. Guests can call the Leela Reservations Worldwide from
India, UK, US, Singapore and Hong Kong.
• Seamless integration with GDS and brand website through a two way interface, enabling last
room availability (LRA) of rooms and rates on these two channels has been initiated. The two
way data flow also enables bookings to directly flow into the hotel PMSs, thereby reducing
manual intervention in the booking process.
Enhancing Brand Image:
Further, following the footsteps of their legendry founder, Leela Hotels continues to work
towards healthy environmental strategies. Energy Conservation, sustainability and efforts to
make the properties more “Green” have been the main drive for the Leela Group throughout
the year. Major efforts/steps taken towards this are:
• LED Lamps, CFL and energy saving lights have been used across all hotel properties. Dimmers
and timers have been provided on various lighting systemto control wastage.
• Extensive retrofitting of HVAC plants and installation of VFD and variable pumping systemat
all properties reduce power consumption.
• Computerized Power Monitoring implemented in all properties on gradual basis to monitor
and control power consumption.
• Old equipments replaced with more efficient ones to reduce power consumption and
improve efficiency.
• Main chiller plants and steamboilers have been tuned for best efficiency to conserve energy.

20
• Building management systemmonitors and controls energy wastage of engineering
equipments.
• Power distribution systems are equipped with power factor correction panels and automatic
voltage regulators.
• The Delhi hotel is equipped with solar geysers for generating hot water and the rooms are
equipped with energy saving devices during non-occupancy.
• Solar systems are used to provide pre hot water to the hot water system.
• Rain Water Harvesting has been implemented at four hotels.
• Sewage Treatment Plants in all properties are being used extensively to treat and recycle all
sewage and grey water for reuse within the property.
We now need to understand the importance of the above points with relevance to the
marketing strategy. These all steps add to the image and brand value of the company. These
also come under compliance of legal norms as per new government policies. The market
segment which the company caters to gives a lot of importance to steps taken by the
companies towards benefit of people and environment and feel privileged to be associated
with such companies. These strategies appeals to the behavior and attitude of the consumer as
we studies in the Marketing Management 1 course.

21
Financial Analysis
Analysis / Highlights of Operating performance and Financial Results:
The financial statement of LeelaVentures Limited forms part of the annual report for 2012- 13,
the analysis / highlights of which are given below:
(i) Operational Revenue: The total operating revenue increased by 14%, from Rs. 57,184 lakhs
in F.Y. 2011-12 to Rs. 65,385 lakhs in 2012-13.
(ii) Earnings before Interest, Depreciation, Taxes and Amortization (EBIDTA) During the year,
the total revenue has gone up by 12% and EBIDTA by 3.48 times.
(iii) Interest and Depreciation: Interest Cost increased from Rs. 32,125 lakhs in F.Y. 2011-12 to
Rs. 40,534 lakhs in F.Y. 2012-13.
Depreciation for the year was Rs. 13,867 lakhs against Rs. 10,223 lakhs in previous year. The
increase in interest and depreciation is mainly because of addition of the Chennai Hotel.
(iv) Profit after Tax: The Company incurred a loss of Rs. 43,346 lakhs during the year 2012-13
against profit of Rs. 1,863 lakhs in 2011-12. The profit in 2011-12 was after considering gain of
Rs. 41,476 lakhs on disposal of the hotel in Kovalam.
(v) Fixed Assets: The gross fixed assets (including projects in progress) as on 31st March, 2013
was Rs. 6,44,864 lakhs and net was Rs. 5,76,539 lakhs.
Profit and Loss Statement:
Particulars Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08
INCOME :
Rooms,Restaurants,Banquets and Other Services 653.86 571.84 464.04 449.18 471.94 536.40
Other Income 9.98 16.60 45.50 29.20 128.04 75.96
Stock Adjustment 0.00 0.00 0.00 0.00 0.00 0.00
Total Income 663.84 588.44 509.54 478.38 599.98 612.36
EXPENDITURE :
Food, Bevarages & Provisions Consumed 51.02 42.99 30.58 30.58 28.84 32.37
Operating Expenses 72.25 69.99 49.80 46.84 42.85 43.55
Employee Cost 186.64 174.86 104.27 95.43 89.38 81.45
Power. Fuel & Electricity 65.09 51.27 38.46 43.95 44.63 41.40
Selling & Administrative Expenses 159.70 159.42 107.19 101.02 105.78 103.41
Miscellaneous Expenses 6.50 -356.93 3.85 7.11 3.35 4.76
Less: Preoperative Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure 541.20 141.60 334.15 324.93 314.83 306.94
Operating Profit 122.64 446.84 175.39 153.45 285.15 305.42
Interest 405.34 321.25 56.08 24.47 27.20 36.91
Profit before Depreciation & Tax -282.70 125.59 119.31 128.98 257.95 268.51

22
Depreciation 138.67 102.24 62.96 68.33 65.39 45.34
Profit Before Tax -421.37 23.35 56.35 60.65 192.56 223.17
Tax 35.19 7.05 3.27 -2.35 26.60 52.09
Fringe Benefit tax 0.00 0.00 0.00 0.00 1.60 1.15
Deferred Tax -23.10 -2.33 15.24 21.98 19.38 19.95
Reported Net Profit -433.46 18.63 37.84 41.02 144.98 149.98
Extraordinary Items 2.86 369.82 8.45 0.14 -0.25 0.76
Adjusted Net Profit -436.32 -351.19 29.39 40.88 145.23 149.22
Adjustmentbelow netprofit 0.00 0.00 0.00 0.00 0.00 -30.82
P & L Balance broughtforward 326.51 325.88 312.80 287.74 201.44 193.39
Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00
Appropriations 0.00 18.00 24.76 15.96 58.68 111.11
P & L Balance carried down -106.95 326.51 325.88 312.80 287.74 201.44
Dividend 0.00 0.00 5.82 7.56 15.11 18.89
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Equity Dividend % 0.00 0.00 7.50 10.00 20.00 25.00
Dividend Per Share(Rs) 0.00 0.00 0.15 0.20 0.40 0.50
Earnings Per Share-UnitCurr 0.00 0.48 0.95 1.05 3.77 3.88
Earnings Per Share(Adj)-UnitCurr 0.00 0.48 0.95 1.05 3.77 3.88
Book Value-UnitCurr 12.46 22.65 22.94 21.91 21.08 18.99
Book Value(Adj)-UnitCurr 12.46 22.65 22.94 21.91 21.08 18.99
From the comparison provided in the table, we observe the trend in financial results
synchronizes with Hotel LeelaVenture’s expansion spree. We observe a total expenditure of Rs.
541 crores in this annum which are various investments made by the company to buy the share
of Kempinsky Hotels. We also notice the high amount of depreciation shown by the company
which is the result of its increased assets.
In the year 2012, we notice Miscellaneous Expense of (negative) Rs 357Crores. This amount is
incurred by the sale of noncore assets by the company. We observe two major one time
amounts adjusted into the annual statements of the past 2 years, therefore we cannot make
out the position of the company in the market based just on the profit and loss results of the
company.
Also we notice that due to the split in year 2012, Hotel LeelaVenture Ltd shows a net loss for
the year 2012-13. The total interest costs have gone high and the investments by the company
have also increased. Due to the net loss the company did not pay any final dividend to the
shareholders. This loss does not indicate that the position of Leela Hotels has weakened in the
industry. It is the result of the split from Kempinski Hotels, Germany. The total income has
increased by 14% over the previous year.

23
Balance Sheet:
Particulars Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08
SOURCES OF FUNDS :
Share Capital 83.73 77.57 77.57 75.56 75.56 75.56
Reserves Total 1,138.70 1,512.93 2,025.18 1,978.47 1,864.33 854.50
Equity Share Warrants 0.00 0.00 0.00 0.00 0.00 0.00
Equity Application Money 0.00 0.00 0.00 0.00 0.00 0.00
Total Shareholders Funds 1,222.43 1,590.50 2,102.75 2,054.03 1,939.89 930.06
Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00
Secured Loans 4,604.30 3,762.80 3,317.40 2,353.48 1,819.66 1,291.12
Unsecured Loans 55.00 412.83 485.75 525.18 630.89 744.54
Shop Security Deposits 0.00 0.00 0.00 0.00 0.00 0.00
Policy Holders Fund 0.00 0.00 0.00 0.00 0.00 0.00
Other Liabilities 41.29 31.62 93.28 0.00 0.00 0.00
Total Debt 4,659.30 4,175.63 3,803.15 2,878.66 2,450.55 2,035.66
Total Liabilities 5,923.02 5,797.75 5,999.18 4,932.69 4,390.44 2,965.72
APPLICATION OF FUNDS :
Gross Block 6,383.72 5,137.91 4,627.54 4,199.96 3,886.98 2,553.12
Less: Accumulated Depreciation 683.25 566.04 519.58 476.85 398.46 336.38
Less: Impairment of Assets 0.00 0.00 0.00 0.00 0.00 0.00
Net Block 5,700.47 4,571.87 4,107.96 3,723.11 3,488.52 2,216.74
Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00
Capital Work in Progress 166.45 1,104.39 1,597.69 1,264.56 934.54 405.77
Investments 0.01 100.10 0.05 0.04 0.09 0.10
CurrentAssets,Loans & Advances
Inventories 71.34 59.85 54.38 43.44 41.96 38.67
Sundry Debtors 58.84 53.78 46.44 37.90 31.51 38.63
Cash and Bank 35.57 17.79 57.39 14.43 31.61 295.83
Loans and Advances 52.17 59.02 66.25 255.07 294.99 267.45
Total Current Assets 217.92 190.44 224.46 350.84 400.07 640.58
Less :Current Liabilities and Provisions
CurrentLiabilities 300.74 204.00 129.53 144.50 171.30 93.75
Provisions 5.14 102.71 21.06 128.64 150.76 112.39
Total Current Liabilities 305.87 306.71 150.59 273.14 322.06 206.14
Net Current Assets -87.95 -116.27 73.87 77.70 78.01 434.44
Miscellaneous Expenses notwritten off 0.00 0.00 0.00 0.00 0.00 0.03
Deferred Tax Assets 100.31 34.88 12.91 13.44 9.08 5.61
Deferred Tax Liability 222.84 180.51 160.87 146.16 119.80 96.97
Net DeferredTax -122.53 -145.63 -147.96 -132.72 -110.72 -91.36
Other Assets 266.57 283.29 367.57 0.00 0.00 0.00
Total Assets 5,923.02 5,797.75 5,999.18 4,932.69 4,390.44 2,965.72
ContingentLiabilities 111.07 104.69 129.82 27.06 36.26 23.60
There is an increase in the total assets as well as the total liabilities of the company. The two
factors offset each other and account for the increased assets in the form of the share of
Kempinsky Hotels that has been acquired by the company and the loan taken by the company
to buy those assets.

24
Cash Flow Statement:
Particulars Mar-13 Mar-12 Mar-11
Cash and Cash Equivalents atBegining ofthe year 16.42 56.26 13.48
Net Cash from Operating Activities 153.34 250.19 69.01
Net Cash Used In Investing Activities -50.18 -292.45 -845.07
Net Cash Used In Financing Activities -84.15 2.42 818.84
Net Inc/(Dec) In Cash And Cash 19.01 -39.84 42.78
Cash And Cash Equivalents At End Of The Year 35.43 16.42 56.26
Annual Results:
Particulars
Mar-14
(Rs.Cr)
Mar-13
(Rs.Cr)
Mar-12
(Rs.Cr)
Gross Sales 718 645 572
Other Income 50 10 434
Total Income 768 655 1,006
Total Expenditure 573 532 553
PBIDT 195 123 453
Interest 502 405 321
PBDT -307 -283 132
Depreciation 181 139 102
Tax 4 35 13
Deferred Tax -50 -23 -2
Reported Profit After Tax -441 -433 19
Extra-ordinary Items 0 3 405
Adjusted Profit After Extra-ordinary item -441 -437 -386
EPS (Unit Curr.) -10.2 -10.4 0.5
EPS (Adj) (Unit Curr.) -10.2 -10.4 0.5
Calculated EPS (Unit Curr.) 0.0 0.0 0.5
Calculated EPS (Adj) (Unit Curr.) 0.0 0.0 0.5
Calculated EPS (Ann.) (Unit Curr.) 0.0 0.0 0.5
Calculated EPS (Adj) (Ann.) (Unit Curr.) 0.0 0.0 0.5
Book Value (UnitCurr.) 0.0 0.0 0.0
Dividend (%) 0.0 0.0 0.0
Equity 90 84 78
Reserve & Surplus 54.7 437.8 800.9
Face Value 2.0 2.0 2.0
Non-Promoter Holding Shares 168,428,125 168,428,125 168,428,125
Non-Promoter Holding (%) 37.29 40.23 43.43

25
PBIDTM(%) 27.13 19.02 79.19
PBDTM(%) -42.69 -43.85 23.01
PATM(%) -61.45 -67.23 3.26
We again observe a steady rise in the income and operating profits of the company which is
well on path of growth but the company does not show any profit due to debt restructuring
and the loan and interest payments of the newly acquired assets. There has been a heavy
decrease in the surplus and cash amounts of the company due to the above stated reasons. We
notice a strong growth trend in the new Brand Logo of LeelaVentures.
Finally, we also notice the promoter holding of the market share remains the same over the
past three years where as the non promoter holdings take a dip. This indicates selling of the
shares by non promoters which is also proved by a fall in share price of the company over the
past couple of years. As the market capitalization of a company depends directly on the value of
the share, thus we observe a dip in the market value of the company too. But there has been a
sudden surge in the share prices over the past couple of months which shows the renewed
confidence of investors in the company and the increased market value of the company. We
can study the share trend over the past three years with the data given below:
Year High(Rs.) Low(Rs.) Close(Rs.) P/E High P/E Low P/E Close
Mkt Cap.
(Rs. in Cr.)
Apr-14 21.75 15.60 18.20 0.00 0.00 0.00 821.91
Mar-14 17.50 15.15 15.85 0.00 0.00 0.00 715.79
Feb-14 17.07 14.50 15.48 0.00 0.00 0.00 699.08
Jan-14 18.30 14.60 14.95 0.00 0.00 0.00 675.14
Share Prices Of 2013
Dec-13 17.90 14.70 17.37 0.00 0.00 0.00 784.43
Nov-13 16.25 14.00 14.90 0.00 0.00 0.00 672.88
Oct-13 17.50 14.50 15.62 0.00 0.00 0.00 705.40
Sep-13 16.10 14.25 14.55 0.00 0.00 0.00 609.14
Aug-13 17.30 15.00 15.40 0.00 0.00 0.00 644.72
Jul-13 19.50 16.25 16.85 0.00 0.00 0.00 705.43
Jun-13 19.00 16.50 17.00 0.00 0.00 0.00 711.71
May-13 22.00 18.60 19.00 0.00 0.00 0.00 795.44
Apr-13 24.50 20.10 20.95 0.00 0.00 0.00 877.07
Mar-13 24.15 20.00 20.10 0.00 0.00 0.00 841.49
Feb-13 28.25 23.10 23.40 0.00 0.00 0.00 979.64
Jan-13 30.45 26.70 27.20 0.00 0.00 0.00 1,138.73
Dec-12 32.50 29.00 29.75 0.00 0.00 0.00 1,245.48
Nov-12 32.50 28.45 30.30 0.00 0.00 0.00 1,268.51
Oct-12 35.30 29.15 29.65 0.00 0.00 0.00 1,149.83

26
Sep-12 31.30 27.05 30.80 0.00 0.00 0.00 1,194.42
Aug-12 32.70 27.60 28.05 0.00 0.00 0.00 1,087.78
Jul-12 33.85 29.85 30.60 0.00 0.00 0.00 1,186.67
Jun-12 34.90 30.40 33.50 0.00 0.00 0.00 1,299.13
May-12 34.40 30.00 32.55 0.00 0.00 0.00 1,262.29
Apr-12 34.25 31.40 32.20 0.00 0.00 0.00 1,248.72
Mar-12 39.40 31.60 33.15 0.00 0.00 0.00 1,285.56
Feb-12 40.30 33.25 34.85 55.95 42.53 45.98 1,351.48
Jan-12 36.20 29.30 34.30 48.57 38.01 45.26 1,330.15
Dec-11 34.25 27.55 29.25 46.55 34.24 38.60 1,134.32
Nov-11 40.70 30.55 32.35 55.83 37.15 42.69 1,254.53
Oct-11 44.00 34.50 39.05 61.11 44.94 51.53 1,514.36
Sep-11 40.00 35.20 35.95 55.63 45.86 47.44 1,394.14
Aug-11 47.55 35.30 38.30 64.93 43.38 50.54 1,485.27
Jul-11 49.30 40.25 45.75 66.47 52.14 60.37 1,774.19
Jun-11 42.00 35.05 41.35 56.29 45.34 54.56 1,603.55
May-11 43.00 37.55 40.15 58.37 49.15 52.98 1,557.02
Apr-11 43.80 38.85 41.45 59.42 50.42 54.69 1,607.43
Mar-11 40.60 36.10 38.90 54.86 47.18 51.33 1,508.54
Feb-11 41.70 34.10 36.30 41.97 30.81 34.44 1,407.71
Jan-11 49.25 39.60 40.05 47.69 37.14 37.99 1,553.14

27
Conclusion
Our study of the marketing strategy of LeelaVentures Ltd can be summarized with the following
diagram:
The company observes to a niche market. Its emphasis is on luxury and impeccable service as a
means to customer delight. We observe various kinds of strategies adopted by the company in
the past few years depending on the market environment/situation, internal splits/mergers and
the sectoral demands. The emphasis of the company on the social media marketing is
increasing as is the importance of social media. The brand value and the image of the company
hold a lot of importance for the company to generate business, therefore the emphasis on
energy efficiency, environmental friendly strategies and CSR.
The company is going through a lean phase of financial strategy with the sale of noncore assets
and split from Kempinsky Hotels, Germany. To expand its avenues of growth, the company is
investing heavily into new projects. After the ups and downs in balance sheet, the company is
on way back to its old glory days. The share value and market capitalization is increasing, thus
resulting in positive trend for the company. The overall industry is also looking toward brighter
days and Hotel LeelaVentures limited is all geared up to spearhead the growth of Indian Hotel
Industry.
Leela
Hotels
Marketing
Strategy
General/
Umbrella
Strategy
PostSplit
Strategy
2012
Post
Recession
Strategy
Strategic
Locations
 Market Positioning
 Partnerships
 DemandCycle
 CSR

 AssetLightStrategy
 DebtRestructuring
 Sale of Non-Core
Assets
 NewBrandLogo
 Promotional Offers
 EnergyManagement
 IT Up gradation
 Unique Clientele
 Locational Heritage
 Businessv/sLeisure

28

Marketing Management Project 2 - The Leela Hotels Marketing Strategy v1.0

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

En vedette

En vedette (20)

Similaire à Marketing Management Project 2 - The Leela Hotels Marketing Strategy v1.0

Similaire à Marketing Management Project 2 - The Leela Hotels Marketing Strategy v1.0 (20)

Marketing Management Project 2 - The Leela Hotels Marketing Strategy v1.0