DLF, India's largest property developer, is looking to sell off its non-core assets, one of which is the Amanresorts luxury chain, 22 hotels in 12 countries.
DLF has a large amount of debt ($4.2 billion) and is compelled to dispose "non core" assets such as its luxury hotel chain Amanresorts. The announce of a coming deal was always postponed due to the low figures proposed by potential buyers.The Amanresorts assets for sale include 22 hotels in 12 countries, except the property in New Delhi, which DLF will hold onto.'We are closing the deal in the next few weeks. We hope we would be able to announce it in the current quarter,'' CFO Ashok Tyagi said in an analyst call Wednesday, adding that DLF expects to close the deal by January 2013.Back in January, a deal for the chain with China’s HNA Group was thought to have been in place, but it fell through when HNA Group backed out. DLF was expecting to sell Amanresorts for at least $400 million. Bids for the chain came in the $300- to $315-million range.
