DLF to sell Aman Resorts, DLF on Monday confirmed

DLF on Monday confirmed it had decided to sell its stake in
ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale would exclude Aman’s New Delhi property.
THEcountry’s top real estate company DLF confirmed on Monday it had decided to sell its stake in ultra-luxury hotel group Aman Resorts as part of its planned exit from the hospitality business, but a sale would exclude Aman’s New Delhi property.
DLF CFO Ashok Tyagi told analysts that that the company was looking at potential investors for Aman, which has 23 hotels across 12 countries patronised by the super-rich. This portfolio includes the Aman Lodhi, a 68-room hotel which was commissioned in 2009. DLF hopes the sale of its 97% stake in Aman will help it pay down debt, which now stands at Rs 14,821 crore following the consolidation of liabilities of DLF Asset Ltd.
DLF bought its 97% stake in Aman in 2007 for $400 million. It is hoping to raise Rs 2,000 crore from the sale, which is being managed by Goldman Sachs. Aman’s founder Adrian Zecha owns the remaining 3% stake. DLF did not say why it planned to retain the Aman Lodhi and what it would do with it after the sale, but its exclusion is unlikely to matter much to potential buyers, most of whom would be mainly attracted by its resort properties. The Aman Lodhi is the group’s first and only city property. DLF has also dropped its plan to sell the wind energy business. The group has plans to cut its debt by Rs 5,000 crore, more than half of which — Rs 2,700 crore – will be from the sale of non-core assets and refunds from various government authorities in the next 12-18 months.
Courtesy:- Economics time dtd:- 18-may-2010
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