| In addition, DLF will assume debt of approximately $220 million as part of the deal. Industry sources claim the deal has been very conservatively priced.
Singapore-based Silverlink Holdings holds a majority stake in Aman Resorts and will completely exit after the acquisition including the founder, Adrian Zecha.
The acquisition implies DLF taking over company's prime property at Delhi's Lodhi Road. Aman Resorts had bought the old Lodhi Hotel from the India Tourism Development Corporation five years ago for Rs 76.22 crore ($19m). The old building was demolished and the new building under construction is expected to be ready in 6 months.
Being developed as a super-luxury resort, room tariffs at the property are expected to range between $600 and $700 per night, making it one of the most expensive hotels in India.
All Aman Resort properties have a room tariff of over $600 per night, giving it a hugely exclusive tag. With 50 or 60 rooms and villas, the chain functions as a lifestyle resort for the rich and famous.
DLF forayed into hospitality last year with a 74:26 joint venture agreement with Hilton for developing 50 to 75 properties in the long term.
DLF's initial roll out plan in India includes eight to 10 luxury hotels. It has also tied up with the Four Seasons for a property overlooking the DLF Golf & Country Club at Gurgaon. Additionally 25 or 30 business hotels and 10 to 15 serviced apartments are expected to come up too. With this acquisition, DLF enters the super-luxury hospitality market. The Aman brand will continue to be used, say the company sources.
http://www.business-standard.com
|
