Moneycontrol Bureau
DLF Global Hospitality (DGHL) on Sunday announced that it has sold its Amanresorts chain of luxury resorts to owner Adrian Zecha and Peak Hotels for USD 358 million (Rs 2,215 crore).
The deal excludes the iconic Lodhi Hotel in Delhi which will remain a part of DLF. The move will help the real estate company trim its net debt and exit from non-core businesses.
“I am delighted to partner with Peak as they share my vision for Aman’s future growth and are committed to sustain our company’s reputation for many decades to come,” said Adrian Zecha.
As part of the deal, DLF will sell 100 percent stake in Silverlink Resorts, the owner of Amanresorts to Aman Resorts Group – a joint venture between Peak Hotels & Resorts Group.
DLF had paid USD 400 million (Rs 1,640 crore) in 2007 to buy 97 percent of Amanresorts, and it subsequently raised its stake to 100 percent.
Commenting on the sale, Saurabh Chawla, Executive Director Finance at DLF, said: “This sale of business is another major milestone in DLF’s strategy to focus on its core business of real estate and divest non-core businesses and assets.”
DLF Global Hospitality had purchased 100 percent equity in Amanresorts in 2007 from a group of investors.
The first Amanresorts property, Amanpuri, opened January 1988 in Phuket, Thailand. Today, Amanresorts currently owns and manages 26 of the world’s most beautifully designed resorts in 18 countries, including the recently opened Aman Venice and Aman Vietnam, and has garnered more than 2000 awards and accolades.
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