DLF Ltd, the largest real estate developer in India, has announced its equal partnership with Aman Resorts, to enter into definitive agreements to acquire a controlling interest in the Aman Resorts Group.
The entire transaction, when completed, is estimated to be valued at $400 million with an assumed debt of approximately $150 million.
Aman Resorts is one of the world's leading hospitality and lifestyle businesses and currently owns and operates 22 luxury hotels, many with residences, in 12 countries.
Several of the properties, such as the famed Amanpuri in Phuket and Amandari in Bali have received numerous awards over the years.
In addition to expanding its resort locations, Aman Resorts is developing projects in key gateway cities around the world, the first of which is scheduled to open in New Delhi, India, in 2008. It has ambitious growth plans with many new properties in various stages of development.
Commenting on the deal, Mr Zecha said “with the financial backing of DLF, Aman Resorts will now have the resources to significantly scale up its development plans. While we expand our global footprint we are committed to preserving and enhancing the distinctive character of the Aman experience.”
“We are delighted at this unique opportunity to become a partner in one of the world's leading hospitality & lifestyle brands. We look forward to working closely with the founders and management of this business to further enhance its leadership position in the industry” said Mr. Rajiv Singh, Vice Chairman of DLF Ltd. Overseas Hotels Ltd, a subsidiary of DLF Ltd, is making the investment.
Luthra & Luthra Law Offices acted as adviser to DLF in this transaction.
Source: NDTV Profit