looks like only 3 posters have mentioned having done it

http://flyertalk.com/forum/showthrea...60#post5597160
couple posts there from Hubertus, and briefly here >
http://flyertalk.com/forum/showthrea...69#post6111369

http://flyertalk.com/forum/showthrea...05#post3893005
http://flyertalk.com/forum/showthrea...41#post3611041
zigzag

http://flyertalk.com/forum/showthrea...91#post2677591
Bungus

From Business Standard Mumbai, Bloomberg and Reuters confirm.


DLF to buy ultra-luxury Amanresorts for $250 mn

Nayantara Rai / New Delhi November 14, 2007



First overseas buy by India's largest real estate company.

DLF Ltd is acquiring the privately-held super luxury resorts and spa chain Singapore-based Amanresorts for around $ 250 million.

This will be the first overseas acquisition by India's largest real estate company, which recently went public.

Sources close to developments said at $250 million, the deal is being concluded at an extremely conservative valuation. In addition to this payout, DLF will assume debt of approximately $220 million as part of the deal.

DLF, the country�s largest realty firm by market capitalisation at over Rs 1,48,527 crore, had announced a month ago that it intends to raise $750 million overseas for acquiring and developing properties abroad. Part of the proceeds would be used for funding the Amanresorts acquisition.

The $220 million debt will remain on the Amanresorts balance sheet and be paid off from its future revenues.

The 20-year-old Amanresorts has 18 operational properties under its belt in Indonesia, Cambodia, Sri Lanka, Morocco, Bhutan, India, the Philippines, the United States, French Polynesia and France.

All Amanresort properties have a room tariff of over $600 per night, giving it a hugely exclusive tag. Since very few of these properties have more than 50 or 60 rooms and villas, the chain functions on the lines of a lifestyle resort for the rich and famous.

Singapore-based Silverlink Holdings holds a majority stake in Amanresorts and will completely exit the company after the acquisition. It is believed that the founder, Adrian Zecha, will also move on from the chain after the takeover.

The acquisition also entails DLF taking over a prime property at Delhi�s Lodhi Road. Amanresorts had bought this property from the India Tourism Development Corporation five years ago for Rs 76.22 crore.

The old building has been demolished and a new one, currently under construction, should be operational in another six months.

Being developed as a super-luxury resort, room tariffs at the property are also expected to range between $600 and $700 per night, making it one of the most expensive hotel rooms in the country.

"DLF is getting an opportunity to gain access to the super-luxury hospitality market with this acquisition. The Aman brand name will continue even after the acquisition," said a company executive, who declined to be identified.

DLF forayed into hospitality last year. It has a 74:26 joint venture agreement with Hilton International for developing 50 to 75 properties in the long term.

DLF�s initial roll out plan in India includes eight to 10 luxury hotels (it has also tied up with the Four Seasons for a property overlooking the DLF Golf & Country Club at Gurgaon), 25 or 30 business hotels and 10 to 15 serviced apartments.

This is what happened the last time Adrian Zecha left Amanresorts:

http://www.asiaweek.com/asiaweek/mag...129534,00.html

Its disappointing to here that the man behind this hotel group is leaving.

i do know this is a recent project Zecha is involved with >
http://www.nizuc.com/
(looks like GHM probably)

"The Ananti, Kumgang Mountains, Korea"
might be another GHM project

i presume he will remain with Silverlink and GHM.

BTW >
Silverlink owns the Sukhothai?
whatever happened with Maha Resorts?

Maharesorts only resort (I think) was Hacineda de san antonia, Mexico. it became an amanresort for a while but is now independently managed. Actually, while it was a maharesort it was managed by Henry and Char Gray currently with Evason.

I can't say I'm thrilled at this news. Amans were always special because they had Zecha's special touch. I remember the quality of the experience went downhill the few years he was away previously. I do hope they can reach an agreement where Adrian stays on in some capacity or else I fear the Amanresorts we all know and love will be gone forever.

sad news indeed but i CANT GET OVER the USD 220 million dollr debt that aman has..........

anyhow THIS WHOLE deal was coming ....either an IPO ala banyan or this and with the USD220 million tonne of bricks ......i am sure they are too glad to find a willing buyer .......and i am sure the long time fan of Aman ...the invisible hand behind Aman as it were...Mr Anil Thadani....had a thing or two to do with this.....

i guess the first part was buying it back from colony capital ...and unlike colony......this new indian company probably has a better deeper understanding of how something like aman works.....a more organic and holistic approach .....i guess

it was clear that something was brewing and i just hope the new amans and indeed the new amans will stay forwever amazing.......

as for mr zecha having a say ....well......i am not so sure ......there must be some successor ........someday anyway......i can volunteer myself for visiting and trying out the new and old resorts !!!...

hail Aman.

how is it possible they had that much debt?

edit - thanks for the response paul.

kagehitokiri, I presume it is land purchased for future development or contracted to purchase.

As mentioned by Kagehitokiri I had posted some replies in this thread (amazing trip).
As far as I know, Aman still runs the Amanwana Komodo Expedition but not on the Silolona but on a smaller boat (only for 4 guests, if I remember well).
I understand the Silolona is still sailing (and "charterable") around Nusa Tenggara and in other seas depending on the season.
See http://www.silolona.com/

Hey guys, I am not an expert on this. But the deal seeems dirt cheap for the value of amanresort. 250mn/18 resorts= 14mn per resort. 14 mn is only around the ballpark of one private 4 bedroom villa in amanyara. It doesn't justify the price of the entire resort. Perhaps there are other reasons than simply selling the resorts?

If you believe this, I have a nice bridge to sell you.

is it over the river kwai by any chance ....or somewhere along the ganges perhaps.

colony didnt do a good job at aman and did cause a bit of a scare that aman would go the way of .err.....savoy ..wasissit ? ....so the new indian owners doesnt have much of an act to follow as it were.....

but one thing for sure ......hope.the recent slew of AMAN announcements with the Japanese , jordanian , Chinese , former yugoslavian , thai real estate companies would still come to fruition.......cant wait to visit teh stefan stevi.

Hi Hubertus,

I have already read all about your Aman experience! Your comments are very helpful . We were actually looking for something with a little bit more people and the Silolona sounded quite nice.

Anyway, I am currently planning a trip to Thailand and Cambodia. Do you think 3 nights in Amansara are enough?

Many thanks!

Dear Fliar,

No worries at all and thanks for the welcoming!