Founder Adrian Zecha buys back Amanresorts
Indian conglomerate DLF Ltd., which acquired Amanresorts International Pte. Ltd. about five years ago, Wednesday said it has agreed to sell the luxury hotel and resort chain back to founder and chairman Adrian Zecha for an enterprise value of about US$ 300 million. The deal will exclude an Aman hotel in New Delhi, which will be retained by DLF, India’s largest property developer by sales. DLF added that it expects to close the transaction by the end of February.
The agreement to sell Singapore-based Amanresorts represents a milestone for DLF’s efforts to divest non-core assets such as hotels, land and industrial projects. Since selling his stake in Amanresorts, Adrian Zecha got involved in GHM Hotels, developing the luxury resort brand of CHEDI.
Amanresorts expanded this year with two spectacular properties in Europe, the Amanzoe in Greece and Amanruya in Bodrum, Turkey. The flagship resort of the chain, Amapuri in Phuket turns 25 on January 1st 2013.