DLF to sell Amanresorts

Tuesday, 20 September 2011

LVMH Moet Hennessy Louis Vuitton SA is among the companies vying to buy the luxury hotel chain Amanresorts owned by real estate developer DLF. The buzz is that DLF is seeking to repay debt through asset sales its interest costs jumped almost six times in the latest fiscal ended March 31 from four years earlier. The Indian company bought a controlling stake in Amanresorts in November 2007 for about $400 million, including $150 million of net debt.

Amanresorts was founded by Dutch-Indonesian Adrian Zecha. It owns and manages 25 small luxury resorts worldwide, which are in places like Thailand, Bhutan, France, India, Philippines, US and Sri Lanka. In India the resort is in New Delhi. The resorts are in beautiful natural locations, provide outstanding facilities, exceptional service, and cater to a limited number of guests to ensure exclusivity and privacy. It’s totally discreet about its clients among who are famous celebrities. DLF has received at least five non-binding bids of $400 million to $450 million for Amanresorts. Real estate developer DLF owns several malls in India and is also in the retail business through DLF Retail.