DLF, Indias largest real estate developer by market capital, on Sunday announced the sale of its hospitality venture, Aman Resorts, for $358 million to a JV between Peak Hotels & Resorts Group and Adrian Zecha, the founder of Aman Resorts. The sale is in the form of a management buyout.
In 2012, DLF had announced that it had closed the deal for Aman Resorts with Zecha for $300 million. However, the deal was not closed and the company started discussions with other players as well for the sale of the hospitality chain.
DLF Global Hospitality purchased 100% equity in Aman Resorts in 2007 from a group of investors.
The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF. Peak Hotels & Resorts is an investor in the luxury hospitality industry. It pursues investments globally in sustainable, socially responsibly luxury brands in partnership with seasoned management teams.
Commenting on the sale, Saurabh Chawla, executive director (finance), DLF said, This sale of business is another major milestone in DLFs strategy to focus on its core business of real estate and divest non-core businesses and assets.