DLF sells Aman Resorts for $358 Million

DLF sells Aman Resorts for $358 Million

Real estate giant DLF on Sunday confirmed that the sale of its hospitality venture, Aman Resorts, to a joint venture (JV) between Peak Hotels & Resorts Group and Adrian Zecha.

DLF sold the chain of luxury resorts for US$358 million (Rs 2,215 crore). DLF had acquired 97 per cent stake in Aman Resorts for USD 400 million (Rs 1,640 crore) in 2007. It gradually hiked its stake in the chain of luxury resorts to
100 per cent.

Saurabh Chawla, executive director (Finance) at DLF, said the sale would allow them to focus on the company's core business of real estate.

Confirming the sale, Mr. 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."

The deal excludes the company's Delhi-based iconic Lodhi Hotel, which shall remain a part of real estate developer.

Peak Hotels & Resorts is well-known for its investments in the luxury hospitality industry. It invests worldwide in sustainable luxury brands in partnership with experienced management teams.

At 09:57 hrs on Mondat, February 10, DLF shares were trading at Rs 144.10 apiece, up 4.46 per cent from Friday's close.

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