Real estate major DLF has completed the sale of its entire stake in Amanresorts — excluding the Aman New Delhi Property, which was earlier known as Lodhi Hotel — to its original founder promoter Adrian Zecha for an enterprise value of $358 million (Rs 2,200 crore).
A statement from DLF said that its 100% subsidiary DLF Global Hospitality (DGHL) completed the sale of its entire equity stake inSilverlink Resorts (SRL), the owner of Amanresorts, to Aman Resorts Group (ARGL) — a joint venture between Peak Hotels & Resorts Group (PHRL) and Adrian Zecha.
In December 2012, DLF and Adrian Zecha had entered into an understanding wherein DLF planned to sell its entire stake in Amanresorts, barring its Delhi property, to Adrian Zecha for $300 million. To be originally completed by February 2013, the deal ran into trouble and did not materialize. Now, it has been completed for $358 million.
In December 2012, DLF and Adrian Zecha had entered into an understanding wherein DLF planned to sell its entire stake in Amanresorts, barring its Delhi property, to Adrian Zecha for $300 million. To be originally completed by February 2013, the deal ran into trouble and did not materialize. Now, it has been completed for $358 million.
DGHL had purchased 100% equity in Amanresorts in 2007 from founder chairman Adrian Zecha for $400 million, including the iconic Lodhi Hotel. Amanresorts had acquired Lodhi Hotel for Rs 73 crore in 2002-03 in the government's disinvestment programme and rechristened it as Aman Hotel.
DLF, after acquiring Amanresorts, hived off Lodhi Hotel into a separate company. Market sources said that the present value of the Aman New Delhi property is much more than the price at which Amanresorts acquired it in the disinvestment programme. According to one expert, the present value should not be less than $120 million (nearly Rs 750 crore).
» Read Complete News.....DLF, after acquiring Amanresorts, hived off Lodhi Hotel into a separate company. Market sources said that the present value of the Aman New Delhi property is much more than the price at which Amanresorts acquired it in the disinvestment programme. According to one expert, the present value should not be less than $120 million (nearly Rs 750 crore).
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