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Private equity firms zero in on Aman Resorts after talks between DLF and Zecha breaks down
DLF, India's largest real estate firm, announced that it has walked away from its exclusive discussion to sell Aman Resorts to Adrian Zecha. Adrian Zecha is the founder and original owner of Aman Resorts, a luxury hotel cahin. DLF instead and had begun its negotiations with a group of international hotel operators and private equity funds. These private equity funds includes Blackstone and Carlyle.
DLF had previously stated that it was selling its luxury hotel chain Aman Resorts to the Indonesian hotelier Zecha for INR1,650 crore in December of 2012. They said the deal was part of DLF's non-core asset sale approach to offload its debt that had gone over the INR23,000 crore mark.
The original deadline for the discussions with Zecha was February of 2013 but was eventually extended to June 30. "But when the buyer was unable to close the deal, the company decided to begin talks with other players," a person close to the deal said.