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DLF sells Amanresorts

DLF Global Hospitality (DGH), 100 per cent step-down subsidiary of realty giant DLF, and Adrian Zecha, Founder and Chairman, Amanresorts Group of luxury resorts, have announced the signing of a definitive agreement to effect Zecha's Management Buy-Out ‘MBO’ of DGHL's 100 per cent shareholding in Silverlink Resorts Ltd., the holding company for Amanresorts, DLF said in a filing to BSE.

The value of the ‘MBO’ is at an enterprise value of approximately US$ 300mn and it does not include the Aman New Delhi property (Lodhi Hotel) which shall be retained by DLF Ltd. The transaction is slated for final closure by end of February 2013 and is subject to the usual closing conditions.

Amanresorts has about 25 properties across the world. DLF has a debt of Rs 21,200 crores and the company has recently said that it is targeting to reduce it to Rs 18,000 crores by the end of this fiscal from the sale of two big non-core businesses - Amanresorts and wind energy.

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