New Delhi:

India’s top notch real estate company DLF, is making a quick exit from hospitality sector by selling off its 97% stake from a luxurious hotel group ‘Aman Resorts’. The decision taken on May 17 will exclude Aman’s New Delhi property. This project includes 23 hotels across 12 countries and the Aman Lodhi, a 68-room hotel as well.

The next move of DLF is to search for potential investors. The main motive of DLF is to become debt free and to clear all of its liabilities, which come out Rs. 14,821 crore. This project will garner Rs. 2,000 crore, which is being managed by Goldman Sachs. DLF has bought 97% stake in 2007 for $400 million. Rest 3% stake is owned by Aman’s founder Adrian Zechat.

Founded in 1988, Aman has built a loyal base of wealthy patrons, commonly known as ‘Amanjunkies’. Aman properties offer a perfect mix of latest international design with magical moments of togetherness enhanced with especially done-up room with aesthetic sense.

Reasons have not been cleared yet, why DLF wants to retain Aman Lodhi. But the group has planned to become debt free company by the end of 2014, by selling off its non-core assets and refunds from various government authorities in the next 12-18 months.

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