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Mergers & Acquisitions | 19 December 2012

DLF Sells Amanresort To Adrian Zecha

by Vivek Singh
DLF Sells Amanresort To Adrian Zecha
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Realty Major DLF has signed an agreement to sell luxury resort chain Amanresorts for $300 Mn to the founder and chairman - Adrian Zecha.

According to BSE filing, the transaction concluded as a MBO of DLF Global Hospitality’s 100% shareholding in Silverlink Resorts Limited (the holding company of Amanresorts) from Adrian Zecha.

The sale of the hotels and resorts under the Amanresorts brand does not include the Delhi property – Lodhi hotel and the transaction is likely to be completed by Feb’13.

DLF has a debt of around R21,200 Cr and the company has targeting to reduce it to R18,000 Cr by the end of this fiscal from sale of two big non-core businesses — Amanresorts and wind energy. DLF was planning to sell hotel - Hilton Garden Inn of New Delhi.

It has recently sold the Mumbai plot to Lodha Developers for about R2,700 Cr.

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