India’s largest property firm, DLF...is planning various options to fully or partly exit from the international luxury hotel chain Amanresorts that the developer had purchased at the peak of the economic boom in 2007 end. The company has also held preliminary talks with at least two Indian hotel chains, but a huge gap between the buyer and seller’s expectations has played spoilsport for concrete deal discussions.

In 2007, Adrian Zecha, announced that he has formed an equal partnership with DLF, which has entered into a definitive agreement to acquire a controlling interest in the Aman Resorts group. DLF, currently, holds 50% in Aman and as per the agreement, would acquire controlling stake in due time.

A senior DLF executive, who asked not to be named, said: “There is surely an interest among potential buyers. They have spoken to us. But it’s just been talks, little else, as their offer price is too low compared with the price we had paid for Aman in 2007.” He did not name the companies that has shown interest in Aman.

But the DLF spokesman denied the company was planning to dilute equity or sell any property of Amanresorts. In the past, while announcing the company’s falling interest in the hotel business, DLF vice-chairman Rajiv Singh had said the company would want to retain Aman as it was a boutique brand. As per two hotel industry executives, who did not wish to be named, DLF has held some preliminary talks with ITC Hotels. But the ITC spokesman said: “We have made no move” to acquire stake in Amanresorts. But hotel consultants said it makes sense for an Indian hotel company like ITC to bid for Aman since they have no presence in that segment.

Another senior hotel industry executive said DLF could consider an option to hive off Aman properties in Alwar, Rajasthan, and two loss-making properties in Sri Lanka to some investors or hotel chain without the Aman brand.

Amanbag[h] hosts second culinary experience in October

Peta Mathias returns to Amanbagh from 10 – 20 October 2009 to lead a culinary programme. Peta regularly conducts cooking classes in Provence and Morocco, is featured on her own TV programme and writes books on all things gastronomic. Guests can explore local villages to obtain buffalo and goat’s milk for a cheese-making class, utilize local spices and techniques in sessions on Indian cuisine and participate in an Indian and European bread making workshop. Picnics, musical evenings and gala dinners in different locations add to the experience.

Aman properties in Alwar, Rajasthan, and two loss-making properties in Sri Lanka

DLF...is planning various options to fully or partly exit

DLF may exit Amanresorts

DLF spokesman Sanjey Roy, however, told Reuters: "It is a totally speculative and baseless report."