By Nathan Greenhalgh, courtesy of www.hotelsmag.com
Ownership of ultra-luxury Amanresorts is set to return to its founder, Adrian Zecha, as DLF announced on Wednesday that it is selling Amanresorts to Zecha for US$300 million.
The Indian real estate giant and Zecha issued a joint statement that they had a signed an agreement for a management buyout of Amanresorts by Zecha, the company’s chairman. The transaction is expected to close in February 2013.
The deal does not include the 207-room Aman New Delhi, Lodhi Hotel, which DLF will retain.
It’s unclear if Zecha has partnered with other entities for the purchase. The deal would give Zecha a 100% stake in Silverlink Resorts Ltd., the holding company for Amanresorts.
DLF bought a 97% stake in Amanresorts in 2007 for US$400 million, which it later raised to 100%. However, the company is now prioritizing debt reduction.
The news comes after a bidding process that began in the summer of 2011. Suitors for Amanresorts reportedly included HNA Group Co., Haikou, China, Sahara India Pariwar, Lucknow, India and Qatar Investment Authority, Doha, Qatar. At least five companies bid for the 25-unit boutique hotel company.
However, the sale was delayed by lower than expected bids.
