DLF to sell luxury hotel chain Aman Resorts back to founder Adrian Zecha for Rs1,637 crore
20 Dec 2012
DLF, India's largest realty company, yesterday said that it has finalised a deal to sell its entire stake in luxury hotel chain Aman Resorts back to its founder Adrian Zecha for $300 million (Rs1,637 crore).
The deal does not include Aman New Delhi, earlier known as Lodhi Hotel, which DLF will continue to own.
Delhi-based DLF had acquired, through its wholly-owned subsidiary DLF Global Hospitality, Silverlink Resort, the holding company of Aman Resorts, including Lodhi Hotel, from the Indonesian hotelier Zecha for $400 million, including debt of $150 million.
DLF, which recently sold its hotel land in Kolkata, Bangalore and Chennai, had earlier hived off Lodhi Hotel into a separate company.
Founded in 1988 by Zecha and based in Singapore. Amanresorts owns, operates, and manages resorts in Bhutan, Cambodia, China, France, Greece, India, Indonesia, Laos, Montenegro, Morocco, the Philippines, Sri Lanka, Thailand, Turkey, the Turks and Caicos Islands, and the US.
US-based investment firm Starwood Capital Group and a Thailand-based company were in the race to buy Aman.