Realty firm DLF on Sunday announced the sale of its luxury hospitality chain Amanresorts to its original founder Adrian Zecha for $358 million (about Rs 2,200 crore), a development that would help the company trim net debt and exit from non-core businesses.
In December 2012, DLF had signed a pact with Indonesian hotelier Zecha to sell Amanresorts for $300 million (about Rs 1,600 crore).
However, the deal was not completed in the stipulated time-frame of June 2013, forcing DLF to walk out of the exclusivity pact.
After ending the exclusivity clause, the realty major was in discussion with Zecha and a few other potential investors to sell Amanresorts which has about 25 properties across the world.
In a statement, DLF said its subsidiary, DLF Global Hospitality Ltd, has completed the sale of entire 100% stake in Silverlink Resorts Ltd, which owns Amanresorts, to Aman Resorts Group Ltd for "an enterprise value of $358 million."
Aman Resorts Group Ltd is a Joint Venture between Peak Hotels and Resorts Group Ltd and Adrian Zecha.
The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF Ltd.
"The sale has been in the form of management buyout. DLF Global Hospitality Ltd had purchased 100 per cent equity in Amanresorts in 2007 from a group of investors," DLF said.
Commenting on the deal, DLF Executive Director Finance Saurabh Chawla 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."