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Old Dec 6, 12, 11:14 am   #226
  
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Quote:
Originally Posted by Kagehitokiri View Post
there is no (longer) indonesian consortium..

http://www.forbes.com/global/2000/03...46a_print.html
so zecha dropped to 6.3% indirect stake in 1993? wow. 4-6 years after starting aman.
does the debt that DLF assumed go all the way back to vaturi? and not all property ownership?

http://robbreport.com/Article.aspx?pid=4142

considering ownership situation, pure luck it would seem.

going back to post 210 http://www.flyertalk.com/forum/19766594-post210.html
they were definitely selling in apr 2010 timeframe, although not on the record
http://articles.economictimes.indiat...i-adrian-zecha

so they had told zecha to find JV or they will, and zecha didnt.
and that would fit with fall 2009 rumors etc, thats when they gave zecha the deadline.

http://www.telegraphindia.com/107112...ry_8606464.asp
hmm >

i seem to recall some of this in DLF docs, in terms of increasing equity.
but this says transaction was for lee hing majority. (>vaturi>colony>vaturi)
regardless of what transaction said re debt, im pretty sure they are selling aman with debt.
but not positive re any of this?



(i have been tracking and posting on the record quotes from DLF execs.)
(the race has been over and they have been in negotiations, due diligence, etc. thats official.)

this is no different from the years of anonymously sourced "news" articles.
of the many mentioned, only one company went on record as bidding.
note the 3rd and 4th tweets specifically >


some more history >


worst case, independently owned aman can self manage.
there are good owners like canyon equity and dolphin capital.
who owns GHM?
ahn lu is presumably owned by Beijing Tourism Group and Great Ocean Group (maybe involved in chinese aman?)

***

http://www.nxtbook.com/nxtbooks/virt...20120506/#/100
some good pics, maybe some details
ignore the part about 2 nt boat (charter) to wana
edit - scratch that, pics look like official from aman site, although maybe some recent additions

http://www.nandanavilla.com/press/robb-report/

http://www.justluxe.com/travel/spa/feature-1838138.php
Kag, you continue to amaze!
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Old Dec 6, 12, 11:15 am   #227
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why dont any of you industry people ever comment?
when posting DLF docs (tons of aman finances) ive said i cant make them out.

history >

http://www.irasia.com/listco/hk/leeh...nual/index.htm
http://202.66.146.82/listco/hk/leehi...007/ar2007.pdf

Quote:
Significant investments
The Group also had interest in a subsidiary, Sinonet Holdings Limited, whose principal assets consisted of an associate, Silverlink Holdings Limited and 37.736% participation rights under a US$79.5 million Note. Such interest was reclassified as assets classified as held for sale and its carrying value was HK$517 million.

Net gain on remeasurement of assets classified as held for sale
Net gain represents write back of provision for impairment losses on an associate, Silverlink Holdings Limited (an associate of Sinonet Holdings Limited). During the year, the Group decided to dispose of its entire interest in a subsidiary, Sinonet Holdings Limited and reclassified it as assets classified as held for sale. On 16 November 2007, the Company entered into the Sale and Purchase Agreement with the purchaser in relation to the sale of its entire interest in Sinonet Holdings Limited for a consideration of US$105.45 million (HK$822.51 million). The disposal was approved by the shareholders of the Company on 21 January 2008 and resulted in a gain of approximately HK$460 million.

sold our stake in Amanresorts for US$105 million. This transaction resulted in a gain of approximately HK$460 million after write-back of provision for impairment losses of HK$86 million, which will only be booked into our 2008 accounts.

Assets classified as held for sale
HK$’000
234,688 Associate
265,424 Financial instrument with embedded derivative
13,714 Debtors, deposits and prepayments
3,531 Time deposits and bank balances
517,357 [matches carrying value]

786,999 Amount due from subsidiary [close to sale price?]
http://202.66.146.82/listco/hk/leehi...006/ar2006.pdf
Quote:
Sinonet Holdings Limited Investment holding 1 ordinary share of US$1 British Virgin Islands 100% Percentage of equity interest held by the Company
Argent Holdings Ltd. Investment holding 30,257 ordinary share of US$1 British Virgin Islands 91% Percentage of equity interest held by the Group

Pending litigation
On 18 November 2005, a writ of summons was issued against Silverlink Holdings Limited (“Silverlink”), an associate, and Argent Holdings Ltd. (“Argent”), a subsidiary, by Rockline Limited (“Rockline”) and Superon International Limited (“Superon”) in the High Court of the Republic of Singapore, alleging breaches of an agreement in that: (i) Rockline claimed that Silverlink has agreed to repurchase shares held by Rockline in Silverlink in exchange for a secured convertible note in the principal amount of US$11.1 million (HK$87 million) (“Rockline Note”) to be issued by Silverlink; and (ii) Superon claimed that Argent has agreed to repurchase its shares from Superon; and Silverlink has agreed to simultaneously repurchase its shares from Argent, and to issue a secured convertible loan in the principal amount of US$6.4 million (HK$50 million) to Superon’s nominee. Both Silverlink and Argent filed defence with the court. On 4 August 2006, Rockline was granted summary judgement against Silverlink and the Rockline Note was signed by the court on 18 August 2006. On 14 September 2006, Silverlink successfully appealed against the decision to grant judgement in favour of Rockline and was granted leave to defend the claim by Rockline on the condition that a sum of US$1.5 million (HK$12 million), being the interest payable on the Rockline Note, be paid into the court as security within 21 days from 14 September 2006. The action against Silverlink and Argent will proceed to full trial on a date to be fixed.

The Directors are of the view that the Group has proper and valid defences to the claim and accordingly, no provision for commitment and/or loss has been accounted for in the financial statements.
http://pg.jrj.com.cn/acc/HK_DISC/sto...00586529_0.PDF
Quote:
acquired its interest in Silverlink in 2001

Silverlink is an investment holding company whose assets comprise of a chain of Amanresort hotels

net loss of Silverlink before and after taxation and extraordinary items for the financial year ended 31 December 2005 were approximately US$7,691,000 and US$8,534,000. The audited net loss of Silverlink before and after taxation and extraordinary items for the financial year ended 31 December 2006 were US$13,609,000 and US$14,882,000.

as at 31 December 2006, Silverlink would have a net current liabilities of approximately US$38 million

since the Group’s acquisition of Silverlink, Silverlink has been loss making
mentions the mentions the 786,999 (HK$’000) figure and continuing legal battles

DLF >

2007-2008 annual report
Quote:
On January 21, 2008, the Group acquired 52.25 percent stake in Silverlink Holdings Limited, through acquisition of 100% shares in Sinonet Holding Limited which in turn holds 91.78% share in Argent Holdings Limited which is a 56.93% holdings company of Silverlink Holdings Limited, for a purchase consideration of Rs. 42,368.87 lacs. Further to the acquisition Overseas Hotels Limited exercised right option to increase the holding in Silverlink Holdings Limited to 89.92% by paying purchase consideration of Rs. 16,188.40 lacs. Apart from acquisition of shares Group also acquired Convertible loan notes of Silverlink Holdings Limited for a purchase consideration of Rs. 38,103.65 lacs on November 16, 2007 over and above convertible loan notes worth Rs.14,107.19 lacs held by Argent Holdings Limited.

The amount of purchase consideration has been allocated as follows:
Components Amount (Rs. in lacs)
Goodwill 24,085.68
Fixed assets, net Nil
Investments 22,674.50
Less: Current liabilities 4,391.31
right, so they bought the half stake, then increased stake to 89.93%

from each annual report >
Quote:
total assets of Rs 229,111.76 lacs
total revenues of Rs Nil
total cash flows of Rs 15,578.14 lacs
at December 31, 2007

total assets of Rs. 190,585.80 lacs
revenues of Rs. 40,287.04 lacs
total cash outflows of Rs. 10,404.82 lacs
year ended December 31, 2008

assets of Rs. 176,684.45 lacs
revenues of Rs. 24,889.89 lacs
total cash outflows of Rs. 437.14 lacs
December 31, 2009

assets of ` 173,858.70 lacs,
revenues of ` 36,980.45 lacs
total cash outflows of ` 513.57 lacs
year ended December 31, 2010
2008-2009 annual report http://www.flyertalk.com/forum/17423090-post28.html
2010-2011 annual report shows stake as 94.78%
2011-2012 annual report http://www.flyertalk.com/forum/19117931-post165.html shows stake as 100%

they also mention continuing legal battles

very confusing. the only industry comment was this >
Quote:
Originally Posted by jja34-1 View Post
Not sure how they manage to do it in the current market(possibly the very high rates and very dedicated following), but their economics are terrific. I know someone who has access to their balance sheet and let's just say this person is laughing all the way to the bank.

[This message has been edited by jja34-1 (edited 08-04-2003).]
im not able to make out what debt was where.
vaturi's debt was what led to colony's seizure.
is lee hing referring to net after interest, and not earnings before interest? is all loss debt?
and then DLF seemed to assume aman's debt.

***

indonesian consortium - ok im losing track. i dont recall the many rumored buyers including indonesian.

professionals correct me if i am wrong, but the official wording being used suggests buyer has signed preliminary agreement?

another back to timeline >
fall 2009 rumors begin, article then discussion
http://www.flyertalk.com/forum/luxur...l#post12413686

Last edited by Kagehitokiri; Dec 6, 12 at 1:32 pm
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Old Dec 7, 12, 7:51 am   #228
  
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Quote:
Originally Posted by Kagehitokiri View Post
why dont any of you industry people ever comment?
when posting DLF docs (tons of aman finances) ive said i cant make them out.

history >

http://www.irasia.com/listco/hk/leeh...nual/index.htm
http://202.66.146.82/listco/hk/leehi...007/ar2007.pdf


http://202.66.146.82/listco/hk/leehi...006/ar2006.pdf


http://pg.jrj.com.cn/acc/HK_DISC/sto...00586529_0.PDF


mentions the mentions the 786,999 (HK$’000) figure and continuing legal battles

DLF >

2007-2008 annual report

right, so they bought the half stake, then increased stake to 89.93%

from each annual report >


2008-2009 annual report http://www.flyertalk.com/forum/17423090-post28.html
2010-2011 annual report shows stake as 94.78%
2011-2012 annual report http://www.flyertalk.com/forum/19117931-post165.html shows stake as 100%

they also mention continuing legal battles

very confusing. the only industry comment was this >

im not able to make out what debt was where.
vaturi's debt was what led to colony's seizure.
is lee hing referring to net after interest, and not earnings before interest? is all loss debt?
and then DLF seemed to assume aman's debt.

***

indonesian consortium - ok im losing track. i dont recall the many rumored buyers including indonesian.

professionals correct me if i am wrong, but the official wording being used suggests buyer has signed preliminary agreement?

another back to timeline >
fall 2009 rumors begin, article then discussion
http://www.flyertalk.com/forum/luxur...l#post12413686
I am not an accountant. I am rubbish at numbers. I have no idea what all this stuff means, so I don't comment.
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Old Dec 7, 12, 10:40 am   #229
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back when sale announced >

Quote:
Originally Posted by opxzaw View Post
What I understand from our conversations with Sean [Flakelar @ jiwo] is that Silverlink was sold but that Zecha still controls the management company. He told us that Zecha is now only interested in the management contracts
but >

http://www.forbes.com/global/2000/03...46a_print.html

Quote:
In order to end the conflict, Vaturi tried unsuccessfully to convince others, including Four Seasons, to buy out Colony. At one point in 1998, the investment bank Morgan Stanley looked into buying out both Colony and Vaturi but passed.

Colony, under the terms of the agreement with Vaturi, got three of the seven board seats that control Amanresorts and veto power over board decisions (it had a special class of stock, unlike the other shareholders). Colony...wanted the chain to take over the management of some Colony-owned hotels outside Asia that would be rebranded as Amans.

interference was enough for Zecha. In October 1998 he resigned the chairmanship of Amanresorts and his board seat; the chairmanship passed to Colony.
can DLF own 100% of silverlink and not have control?

Quote:
Originally Posted by Kagehitokiri View Post
Quote:
Originally Posted by Mark345 View Post
Quote:
26 Aman Resorts – about one-third [8.67] of them owned by the brand, the rest under management contract
is that not including silverlink
more DLF spring 2010 http://www.flyertalk.com/forum/14943460-post293.html

Quote:
Originally Posted by vuittonsofstyle View Post
I am not an accountant. I am rubbish at numbers. I have no idea what all this stuff means, so I don't comment.
well traveled forum regulars such as yourself might have heard things from owners

but my comment immediately followed >

Quote:
Originally Posted by damaxer91 View Post
Kag, you continue to amaze!
addressing this >

Quote:
Originally Posted by damaxer91 View Post
I know Barry
literally industry in question
anyone in business could comment generally on finances
people could PM me if necessary

http://www.forbes.com/global/2000/03...46a_print.html
Quote:
Burns bought Zecha's 30% stake in 1986 for $30 million. Zecha spent part of the cash on a stake in Arral & Partners, a private equity firm run by Anil Thadani
theoretically that stake may have ended up as an additional indirect stake in silverlink
Quote:
In 1999 the Amanresorts' estimated sales totaled $50 million. Operating profits totaled $15 million despite an occupancy rate of only 50% last year (the five Amanresorts in troubled Indonesia dragged the chain down from its usual 65% occupancy
operating (EBIT?) so not net after interest/debt

http://www.time.com/time/magazine/ar...103987,00.html
Quote:
Our gross operating profit -- revenue against direct expenses -- is significantly higher than those of any other hotel in the world. 1999, though, was disastrous, because Indonesia blew up in mid-1998.
again no mention of net, in terms of interest/debt

Last edited by Kagehitokiri; Dec 7, 12 at 3:47 pm
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Old Dec 8, 12, 9:19 am   #230
  
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Quote:
Originally Posted by vuittonsofstyle View Post
They say that Vinh Hy will take a while, so I don't expect it to open Q1/13. How about Amanruya, Bodrum? I loved it, and July is perfect. Equally, you would get a really good deal at Amanjena in July. I know everyone says Marrakech is an oven in July, but the last couple of years it has been really good - not too hot at all.

Then there's Sveti Stefan..... etc etc
Thanks vuittons and all others. Been to Bali before (incl. Amankila stay and dinners at Dari and Usa) whilst Bora Bora is just too far to travel. Want a beach resort so no Amanjena. Ruya even more expensive than Zoe...

How does Amanyara (with its very tempting full board summer package "summer of discovery") compare to Amanpulo (my all-time fav) ?

Last edited by ngfan; Dec 8, 12 at 10:19 am
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Old Dec 8, 12, 10:21 am   #231
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Quote:
Originally Posted by ngfan View Post
Thanks vuittons and all others. Been to Bali before (incl. Amankila stay and dinners at Dari and Usa) whilst Bora Bora is just too far to travel. Want a beach resort so no Amanjena. Ruya even more expensive than Zoe...

How does Amanyara (with its very tempting full board summer package "summer of discovery") compare to Amanpulo (my all-time fav) ?
Here's our Amanyara July trip report.
http://www.flyertalk.com/forum/luxur...-amanyara.html
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Old Dec 8, 12, 10:35 am   #232
  
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Thanks Ericka, already enjoyed your great TR today. Having travelled to both properties how would you compare them (with some Yara staff that served at Pulo before) ?
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Old Dec 8, 12, 2:13 pm   #233
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Quote:
Originally Posted by ngfan View Post
Thanks Ericka, already enjoyed your great TR today. Having travelled to both properties how would you compare them (with some Yara staff that served at Pulo before) ?
Well, there is the obvious. Pulo is a private island and there is a lot to explore. Yara is on a plot of land on a much larger island but is still very remotely located. Do you have any specific questions? What are your interests?

Both beaches stunning!
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Old Dec 9, 12, 1:24 am   #234
  
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Quote:
Originally Posted by Ericka View Post
Well, there is the obvious. Pulo is a private island and there is a lot to explore. Yara is on a plot of land on a much larger island but is still very remotely located. Do you have any specific questions? What are your interests?

Both beaches stunning!
How would you compare quality of service/staff, food, activities (variety), ambience, privacy ?
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Old Dec 9, 12, 4:49 am   #235
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Quote:
Originally Posted by ngfan View Post
How would you compare quality of service/staff, food, activities (variety), ambience, privacy ?
Service was spot on, but there wasn't the name recognition that we have gotten at other Aman resorts. We were only there for a weekend though. Food was fantastic! (keep in mind we are not foodies ) We did mostly diving and snorkeling but there were other things on offer....perhaps you could ask them to send you the word document. Ambience was quiet and laid back but it didn't have the special feeling you get from your own private island...nothing feels like Amanpulo. Privacy was awesome. Our casita was shielded on three sides with dense vegetation. And there were no interlopers on the beach. There was a public beach next door but we didn't see or hear any activity from that area.
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Old Dec 9, 12, 7:04 am   #236
  
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I'd welcome suggestions for dining experiences at amankila.

Mr. Megatop and I are returning this year, between Christmas and New Year's. We've done the private dinner on the beach and enjoyed it (though it was fairly pricey). Last year, we did the Indonesia barbecue special event in the restaurant. I'm most interested in doing something at one of the private bales above the resort, maybe breakfast but would prefer dinner around sunset or cocktails and canapes. Thoughts on the possibilities and recommendations would be appreciated.
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Old Dec 9, 12, 7:47 am   #237
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Quote:
Originally Posted by MegatopLover View Post
I'd welcome suggestions for dining experiences at amankila.

Mr. Megatop and I are returning this year, between Christmas and New Year's. We've done the private dinner on the beach and enjoyed it (though it was fairly pricey). Last year, we did the Indonesia barbecue special event in the restaurant. I'm most interested in doing something at one of the private bales above the resort, maybe breakfast but would prefer dinner around sunset or cocktails and canapes. Thoughts on the possibilities and recommendations would be appreciated.
Kila has a few possibilities for sunset at the bales - sate , etc or you can also have ' megebung ' by the tiered pools , your suite or ??
You can decide when you arrive or perhaps book their hillside bales ahead of time/ now as will be peak period then
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Old Dec 9, 12, 8:19 am   #238
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Quote:
Originally Posted by ngfan View Post
Thanks vuittons and all others. Been to Bali before (incl. Amankila stay and dinners at Dari and Usa) whilst Bora Bora is just too far to travel. Want a beach resort so no Amanjena. Ruya even more expensive than Zoe...

How does Amanyara (with its very tempting full board summer package "summer of discovery") compare to Amanpulo (my all-time fav) ?
How about returning to Kila & Nusa then to Wana ? Though not very nice beach - rather corally than sand but great snorkelling & diving.

There'll be a Pulo tennis pro at Yara from mid- Dec .

Wonder if there's time for Aman SS too .. Should be about fully ready - pool/ spa - by summer
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Old Dec 12, 12, 12:33 pm   #239
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from Gallivanters twitter
http://www.classetouriste.be/amanzoe...luxury-resort/
best pics so far?
style >
Quote:
A resort with the looks of an ancient Greek village, with a grandiose temple-like décor, high ceilings with giant pillars, colonnades and lots of marble and local stone. All this interpreted in a contemporary, clean style with modern furniture and accents. It’s like a smaller, 21st century version of the Acropolis.
boat >
Quote:
Wally One powerboat, the only prototype in the world. This 740 hp (with a 90km/h topspeed)
food (aman) >
Quote:
explains chef Gonzalez. “For months we looked for producers close to the hotel who can supply us with the best products.
http://investing.thisismoney.co.uk/n...cle/id/4496777
Quote:
Amanzoe, after a successful start of operations, is preparing for some planned additional enhancements and other improvements identified during operation. These works will be performed during the short low-season period of 6 January 2013 to 26 March 2013, when the hotel is scheduled to close temporarily.

- The reviews of the resort by the international press, industry experts and guests have been exceptional. Aman Resorts expect the benefits of such feedback and coverage to be captured during 2013, and consequently, their budget forecasts positive net operating income, even though this will only be the first full year of the hotel's operations.

- Construction works on five villas are progressing while three more are in design stage by Ed Tuttle, in consultation with the owners. The first two are planned to be delivered by the time the hotel re-opens in March.
i wonder if it is indeed adding 3rd pool and other changes to beach club, and not doing that while open
http://www.luxurytravelbible.com/pri...ve_page_id=239
Quote:
Q&A James Baillie
Apart from your own, what are your favourite hotels/resorts? (and why)
Adrian Zecha, the creator of Amanresorts, is a visionary; I will always remember my first Aman experience at Amanpuri

Last edited by Kagehitokiri; Dec 12, 12 at 5:07 pm
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Old Dec 15, 12, 10:35 am   #240
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interesting just heard there may be an update

not seeing any articles quoting "sources"

***

giri http://entertainmentdesigner.com/new...angiri-resort/

Quote:
The current location wasn’t the original site for the resort, but after Zecha was called on to the project, he carefully surveyed the land and decided that this would be the ideal spot to integrate the hotel into.
heh
http://www.bokabayproperties.com/
Quote:
Four Seasons has been named as operator of the five-star hotel. However, doubts over this deal have emerged. ‘I believe they have pulled out,’ Livio Ranza, manager of the exclusive Aman hotel at Sveti Stefan, reveals. ‘Oliver [Corlette] asked me if Aman wanted it. I said no.
in the big montenegro marina development

zoe - all coverage, english and greek
http://www.dolphinci.com/page/amanzoe-resort-and-villas
http://www.dolphinci.com/page/amanzo...-villas-greek/

Last edited by Kagehitokiri; Dec 15, 12 at 1:48 pm
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