DLF Sells Aman Resorts to Founder Zecha for Higher ValuationGeorge Smith Alexander and Pooja Thakur
DLF Ltd., India’s largest real estate company, has sold Aman Resorts to Peak Hotels & Resorts Group Ltd. and Aman founder Adrian Zecha at a higher valuation than announced earlier.
The sale at an enterprise value of $358 million does not include the Lodhi Hotel in Delhi, according to a company statement today. It didn’t provide an equity value for the sale. The company said in December 2012 that it would sell Aman Resorts to Zecha for an enterprise value of $300 million, which includes net debt.
The deal would help DLF bring down its debt and refocus on real estate after it expanded into hotels, wind farms and running export processing zones. The company’s debt fell from 250.7 billion rupees ($4 billion) in March 2012 to 177 billion rupees in September after it sold some of its businesses, including wind farms and insurance, according to data compiled by Bloomberg.
Zecha was named chairman of Aman Resorts Group Ltd., the joint venture company between Peak Hotels and Zecha that acquired the hotel chain from DLF, Amanresorts said in an e-mailed statement today.
DLF bought Aman Resorts in November 2007 for $400 million, including $150 million of debt, from Zecha. Aman has luxury properties around the world, including in the U.S. and Indonesia. It runs hotels such as Amanwana, made famous after the late Princess Diana visited the secluded property in Indonesia’s Sumbawa province.