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Ultra luxury Amanresorts close to finalizing sale for $350 million

Excerpt from Economic Times

Aug 23, 2012 7:13 am

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Ultra luxury hotel business is booming, but parent DLF is divesting non-core assets to focus only on real estate, and hence this sale.

— Rafat Ali

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India’s biggest real estate firm DLF is in advance stage of discussion to sell the ultra trendy and luxury hospitality business Amanresorts for around $350 million and the deal may be finalised next month.

DLF bought controlling stake in Amanresorts for $400 million in 2007. It has now 100 per cent stake in the hospitality chain that has about 25 resorts across the world. The company has put Amanresorts on block for sale except its property at Lodhi Road in New Delhi.

BusinessToday: China-based HNA Group, which has interests in tourism, transportation, financial services, real estate, airport and logistics, and a US-based private equity company are jointly negotiating the deal.

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