Indian real estate giant DLF has ended its contract of exclusivity to sell the Amanresorts chain back to Adrian Zecha after Zecha has failed to find financing for the US$300 million deal.
The management buyout by the chain’s founder Adrian Zecha was expected to close in February 2013 but has been repeatedly delayed with missed deadlines. DLF is now reportedly talking with private equity companies about buying the chain.
The deal with Zecha did not include the 207-room Aman New Delhi, Lodhi Hotel, which DLF will retain. DLF bought a 97% stake in Amanresorts in 2007 for US$400 million, which it later raised to 100%. However, the company is now prioritizing debt reduction.
