DLF, India’s largest real estate company, has sold its luxury hospitality chain, Aman Resorts back to the company’s founder, Adrian Zecha for $358 million (Rs. 2,200 crore)..Luthra & Luthra acted as the Indian legal advisor for DLF on this transaction while Davis, Polk & Wardwell LLP acted as International legal counsel..The Luthra team was led by Senior Partner Mohit Saraf along with Partner Sundeep Dudeja..The Davis Polk team included Partners Mark J. Lehmkuhler and Kirtee Kapoor along with Associate Amit Kataria, and Abhishek Kolay..As part of the deal, DLF will sell 100 percent stake in Silverlink Resorts, the owner of Aman Resorts to Aman Resorts Group – a joint venture between Peak Hotels & Resorts Group and Adrian Zecha, which was advised by US-based law firm Bryan Cave. DLF had purchased 100% equity in Aman Resorts in 2007 from a group of investors..The deal excludes the iconic Lodhi Hotel in Delhi, which shall continue to be with DLF..This move, which paves way for DLF to exit from non-core business, will help the Delhi-head quartered realtor to reduce its debt, according to VCCircle.
DLF, India’s largest real estate company, has sold its luxury hospitality chain, Aman Resorts back to the company’s founder, Adrian Zecha for $358 million (Rs. 2,200 crore)..Luthra & Luthra acted as the Indian legal advisor for DLF on this transaction while Davis, Polk & Wardwell LLP acted as International legal counsel..The Luthra team was led by Senior Partner Mohit Saraf along with Partner Sundeep Dudeja..The Davis Polk team included Partners Mark J. Lehmkuhler and Kirtee Kapoor along with Associate Amit Kataria, and Abhishek Kolay..As part of the deal, DLF will sell 100 percent stake in Silverlink Resorts, the owner of Aman Resorts to Aman Resorts Group – a joint venture between Peak Hotels & Resorts Group and Adrian Zecha, which was advised by US-based law firm Bryan Cave. DLF had purchased 100% equity in Aman Resorts in 2007 from a group of investors..The deal excludes the iconic Lodhi Hotel in Delhi, which shall continue to be with DLF..This move, which paves way for DLF to exit from non-core business, will help the Delhi-head quartered realtor to reduce its debt, according to VCCircle.
