DLF Sells Aman Resorts in $358 Million Deal
February 10, 2014 4:47 PM EST
DLF Ltd(DLF.NS), India's top real estate developer, said it completed the sale of its Amanresorts luxury hotel chain back to original Indonesian owner Adrian Zecha for an enterprise value of around $358 million.
In a file photo, a man walks past a logo of Indian property developer DLF Ltd in Mumbai
DLF Global Hospitality, a subsidiary of DLF, sold its full stake in Silverlink, the controlling entity of Amanresorts, to a joint venture of Peak Hotels & Resorts Group and Zecha.
The deal does not include Lodhi Hotels, Amanresorts' flagship property in New Delhi, DLF said in a statement to the stock exchange on Sunday. The deal is a part of DLF's objective of divesting its non-core assets, it added.
DLF shares were up more than 5 percent in morning trade, while the broader market was up 0.1 percent.
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