Luxury chain Amanresorts sold to management for $300 million

DLF, India’s biggest property developer, will sell its Amanresorts luxury hotel chain in a management buy-out — to founder and chairman Adrian Zecha — with an enterprise value of around $300 million…the deal does not involve Amanresorts’ flagship New Delhi hotel.

Amanresorts, with assets including 22 hotels in 12 countries, has been on the block for around two years.

“DLF Global Hospitality Ltd (DGHL), 100% step-down subsidiary of DLF, and Adrian Zecha, the founder and chairman of the Amanresorts Group of luxury resorts, are pleased to announce the signing of a definitive agreement to effect Zecha’s Management Buy-Out (MBO) of DGHL’s 100 per cent shareholding in Silverlink Resorts Ltd, the holding company for Amanresorts.”