Finally, the Amanresorts chain has been sold. And its new owner is its former owner, plus one.
India's DLF Global Hospitality sold the luxury hotel group for a reported $358 million to Aman Resorts Group Ltd., a joint venture between Peak Hotels & Resorts Group and Amanresorts original founder Adrian Zecha. It has acquired 100 percent of the equity of Silverlink Resorts Ltd., the owner of Amanresorts. Zecha will continue as chairman of Amanresorts.
The sale does not include the Lodhi Hotel in Delhi. DLF bought Amanresorts in November 2007 for $400 million, including $150 million of debt, from Zecha.
In addition to the purchase price, the partners of Aman Resorts Group Ltd. have committed to a substantial capital reserve account to immediately make investments in existing and new properties.
And so ends the long saga of the Amanresorts sale, which started as far back as 2011. Nothing happened, then, but in January 2012, it heated up again. But still nothing was consummated. The last we heard was that China's HNA Group was the frontrunner to buy the chain, but it bowed out.
In July 2013, a deal was thought to be in place for Zecha to reacquire the chain, though that, too, fell through.
This one did not. And here are some reasons why the deal was made by DLF. (Moreover, DLF's stock surged 6 percent on the news.)
“Amanresorts is peerless in luxury and high-end hospitality,” said Nader Tavakoli, chairman of Aman Resorts Group Ltd. “We are committed to building on and expanding Amanresorts’ established global brand, reputation for unparalleled guest service, and commitment to the local communities where we operate. We look forward to investing in and heightening awareness of existing properties, acquiring and developing new properties and, ultimately, realizing the significant growth potential of this best-in-class business as we continue to deliver superior, unforgettable experiences to guests worldwide.”
Said Zecha, “I am delighted to partner with Peak Hotels & Resorts, who not only share my vision for Aman’s future growth but are absolutely committed to sustaining our company’s reputation for many decades to come.”
Founded in 1988, Amanresorts operates 26 properties under the in 18 countries, including Bhutan, Cambodia, China, France, Greece, French Polynesia, India, Indonesia, Italy, Laos, Montenegro, Morocco, Philippines, Sri Lanka, Turkey, Turks & Caicos Islands, U.S. and Vietnam.