Business Daily from THE HINDU group of publications
Wednesday, Nov 28, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Nov 28, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Web Extras - Resorts & Amusement Parks DLF to acquire controlling stake in Aman Resorts Our Bureau New Delhi, Nov. 27 DLF Ltd would partner with Founder and Chairman of Singapore-headquartered Aman Resorts, Mr Adrian Zecha, to acquire a controlling stake in the luxury resort chain. The deal has an enterprise value of $400 million with an assumed debt of about $150 million. Overseas Hotels Ltd, a subsidiary of DLF Ltd, is making the investment. Luthra & Luthra Law Offices acted as adviser to DLF in this transaction. Aman Resorts is a leading hospitality and lifestyle business and currently owns and operates 22 luxury hotels, many with residences, across 12 countries. Several of the properties such as Amanpuri in Phuket and Amandari in Bali have received awards over the years. The company has ambitious growth plans with many new properties in various stages of development. 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 in 2008.
Commenting on the deal, Mr Zecha said, “With 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 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, in a statement. More Stories on : Overseas Investments | Mergers & Acquisitions | Resorts & Amusement Parks | Real Estate & Construction
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