The country?s largest real estate firm, DLF, is close to finalising a deal to sell its hospitality business Aman Resorts to the China-based HNA Group, which has interests in tourism, transportation, financial services, real estate, airport and logistics.
Sources in the know said the deal will be finalised by January 15 for around R 2,400 crore. However, the Aman Hotel (earlier Lodhi Hotel) in Delhi would not be part of the deal and would be retained by DLF.
A company spokesperson, when contacted by FE, said, ?We do not comment on market speculation.?
DLF, which had a total debt of R22,500 crore at the end of September quarter, wants to cut its debt down to R10,000 crore by 2013, and is therefore selling off its stake in non-core areas.
It is looking at offloading its stake in its Noida IT SEZ, for instance.
Last week it sold its 70% stake in Pune SEZ for R810 crore. It is also in the process of identifying investment bankers for selling its prized Mumbai mill property bought from NTC, hoping to raise around R4,000 crore.
The company was looking for buyers to sell Aman Resorts for long. It was also in talks with other investors like Khazanah, which is the investment arm of the Malaysian government, global fashion house LVMH, Four Seasons Hotel and Kingdom Holdings.
The company bought Aman Resorts in 2007 for $400 million. Apart from the Delhi hotel, it has two other properties ? the Aman-i-Kh?s and Amanbagh ? in Rajasthan. Goldman Sachs and Citigroup are advisors for the deal.
The founder of Aman Resorts, Adrian Zecha, is also expected to be involved in the final decision.
Adrian Zecha owns and operates a number of hotels across the world.
