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.
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- iPhone 6 vs iPhone 6 Plus vs Galaxy S5 and HTC One M8: Performance, CPU and Health
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence