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DLF may sell its Aman Resorts for Rs 1,800-cr
Media reports say that DLF, India's largest realty company, is close to selling its international hotel chain, Aman Resorts, to a US-based investment company for $325 million (Rs 1,800 crore).
DLF is to offload its stake in the chain, retaining the Aman property in Delhi only. The US-based company referred to and a Thai-based one were leading the race to buy Aman. According to sources, Starwood Capital Group is leading the race to buy the chain.
It is a privately held global investment entity, owned by a little over 60 partners. Founded in 1991 during the RTC real estate crisis, Starwood has completed 465 transactions, representing assets of $35 billion as on June 30. Starwood created and sponsors the SH Group, a hotel management company which owns the Starwood Hotels & Resorts brand.
Recently, in an analyst call, DLF had said the Aman deal was just a few weeks away from closure. According to market sources, the US-based investment company has opened an escrow account with DLF for $10 mn (Rs 55 crore). The due diligence will take about a month.
Aman Resorts has been on the block for two years but negotiations did not work out. DLF had blamed the Euro zone crisis and global slowdown for the delay.
Media reports say that DLF, India's largest realty company, is close to selling its international hotel chain, Aman Resorts, to a US-based investment company for $325 million (Rs 1,800 crore). DLF is to offload its stake in the chain, retaining the Aman property in Delhi only. The US-based company referred to and a Thai-based one were leading the race to buy Aman. According to sources, Starwood Capital Group is leading the race to buy the chain. It is a privately held global investment entity, owned by a little over 60 partners. Founded in 1991 during the RTC real estate crisis, Starwood has completed 465 transactions, representing assets of $35 billion as on June 30. Starwood created and sponsors the SH Group, a hotel management company which owns the Starwood Hotels & Resorts brand. Recently, in an analyst call, DLF had said the Aman deal was just a few weeks away from closure. According to market sources, the US-based investment company has opened an escrow account with DLF for $10 mn (Rs 55 crore). The due diligence will take about a month. Aman Resorts has been on the block for two years but negotiations did not work out. DLF had blamed the Euro zone crisis and global slowdown for the delay.