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with so many new projects in pipeline hotel industry is going to be very competitive industry.When thinking of good stocks for long term ; profit margin and competitive advantage is important. Hotels are mostly commodity business , as long as its 5 start no one really cares its Taj or leela. That means Leela won't be able to charge more then Taj or other just because its a premium brand. Passing on higher charges to customers will be bigger of challenge.
Regarding growth, leela is opening new one Gurgaon ( its a managed property) and they announced several new projects. It will take little while for these projects to generate revenue. Land development cost is still high. All these leads to negative sentiment towards hotel industry.
I think I will be buy hotel leela only below Rs 22. At that level risk reward ration is balance.