DLF may exit Amanresorts to focus on properties
Indias largest property firm, DLF, that scaled down ambitions in the hotel business, following an economic downturn, to focus on core areas of building homes, offices and shops, is planning various options to fully or partly exit from the international luxury hotel chain Amanresorts that the developer had purchased at the peak of the economic boom in 2007 end. The company has also held preliminary talks with at least two Indian hotel chains, but a huge gap between the buyer and seller’s expectations has played spoilsport for concrete deal discussions.
Founded by Indonesian hotelier Adrian Zecha, Amanresorts is a super luxury chain of resorts usually built with small inventory of rooms to offer exclusivity. The company is known to charge one of the highest average daily room rates that sometimes cross $600. The hotel company owns and manages 23 small luxury resorts worldwide and will open a new resort in Utah, USA, in October, as per the company’s website. It operates three resorts in India — one in New Delhi and two in Rajasthan.
In 2007, Adrian Zecha, announced that he has formed an equal partnership with DLF, which has entered into a definitive agreement to acquire a controlling interest in the Aman Resorts group. DLF, currently, holds 50% in Aman and as per the agreement, would acquire controlling stake in due time.
More : economictimes.indiatimes.com