PRESS RELEASE
DLF Ltd has informed that Adrian Zecha, Founder and Chairman of Aman Resorts announced that he has formed an equal partnership with the Company, which has entered into definitive agreements to acquire a controlling interest in the Aman Resorts group. The entire transaction, when completed, is estimated to be valued at US$ 400 million with an assumed debt of approximately $ 150 million.
Aman Resorts is the world’s leading hospitality and lifestyle business and currently owns and operates 22 luxury hotels, many with residences, in 12 countries. Several of the properties, such as the famed Amanpuri in Phuket and Amandari in Bali have received numerous awards over the years as being the world’s leading leisure and hospitality destinations. Aman Resorts has consistently been top rated over the years by leading publications such as Conde Nast, Zagat Survey, Travel & Leisure amongst many others. 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, India, in 2008.
“We are delighted at this unique opportunity to become a partner in one of the world’s leading hospitality & lifestyle brands. 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 the Company. Overseas Hotels Ltd, a subsidiary of the Company, is making the investment. Luthra & Luthra Law Offices acted as adviser to DLF in this transaction.
