DLF sells Amanresorts luxury hotel chain

India's largest real estate developer has entered into an agreement to sell its stake in Aman Resorts for $300 million.

"DLF Global Hospitality Ltd, 100% step-down subsidiary of DLF Ltd and Mr. Adrian Zecha, the founder and Chairman of the Amanresorts Group of luxury resorts, are pleased to announce the signing of a definitive agreement to effect Mr. Zecha's Management Buy-Out "MBO" of DGHL's 100% shareholding in Silverlink Resorts Ltd., the holding company for Amanresorts. The value of the "MBO" is at an enterprise value of approximately USD 300m and it does not include the Aman New Delhi property (Lodhi Hotel) which shall be retained by DLF Ltd. The transaction is slated for final closure by end- February 2013 and is subject to usual closing conditions," the company said in a statement to the exchanges.

Shares of DLF were up 1.28% on the Bombay Stock Exchange.

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