DLF to sell hotel plots by 2009 end
According to The Economic Times, DLF, the real estate company, will sell hotel plots, which are non-core to its business by 2009 end. However, DLF has decided against selling core assets — residential, industrial and commercial plots — which it had put on the block. As a result, the debt will be reduced by half. Currently, DLFs debt stands at Rs 14000 Crore. The company has pulled back these assets from the market over the past two to three weeks. As the banks have become more liberal in lending to the real estate sector, the decision to pull back the assets was considered.
While looking at hotel properties and plots just as an investment, DLF will like to retain the Aman brand. DLF has hotel plots located in Mumbai, Kolkata, Bengaluru, Gurgaon, Baroda, Lucknow, Kasauli (Himachal Pradesh) and Sikkim among others. DLF has managed to sell hotel plots in Sikkim and Baroda.
Source : hospitalitybizindia.com