Adrian Zecha & DLF partner to acquire AMAN Resorts (Aman Resorts group)
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Adrian Zecha & DLF partner to acquire AMAN Resorts (Aman Resorts group)
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Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2007-11-28
Adrian Zecha, Founder and Chairman of Aman Resorts announced that he has formed an equal partnership with DLF Ltd, which has entered into definitive agreements to acquire a controlling interest in the Aman Resorts group. The entire transaction, when completed, is estimated to be valued at US$400 million with an assumed debt of approximately $150 million.
Aman Resorts is the world's leading hospitality and lifestyle business and currently owns and operates 22 luxury hotels, many with residences, in 12 countries. Several of the properties, such as the famed Amanpuri in Phuket and Amandari in Bali have received numerous awards over the years as being the world's leading leisure and hospitality destinations. Aman Resorts has consistently been top rated over the years by leading publications such as Conde Nast, Zagat Survey, Travel & Leisure amongst many others. The company has ambitious growth plans with many new properties in various stages of development. In addition to expanding its resort locations, Aman Resorts is developing projects in key gateway cities around the world, the first of which is scheduled to open in New Delhi, India, in 2008.
Commenting on the deal, Mr Zecha said "with the financial backing of DLF, Aman Resorts will now have the resources to significantly scale up its development plans. While we expand our global footprint we are committed to preserving and enhancing the distinctive character of the Aman experience."
"We are delighted at this unique opportunity to become a partner in one of the world's leading hospitality & lifestyle brands. We look forward to working closely with the founders and management of this business to further enhance its leadership position in the industry" said Mr. Rajiv Singh, Vice Chairman of DLF Ltd. Overseas Hotels Ltd, a subsidiary of DLF Ltd, is making the investment. Luthra & Luthra Law Offices acted as adviser to DLF in this transaction.
About Aman Resorts
In the high-end travel community, Aman is recognised as one of the pre-eminent and most innovative luxury hotel groups in the world for its ability to create unique resort destinations. Aman positions itself as a lifestyle alternative rather than boarding and lodging product providing the affluent leisure traveller with superior service in luxurious surroundings. Consistently superior facilities and service is believed to have enabled Aman to realise one of the highest average daily rates ("ADRs") in the lodging industry (2006 - US$778).
Each of the projects has been uniquely designed by leading architects such as Ed Tuttle, Kerry Hill and Jean-Michel Gathy. Aman properties and the Aman management team have been recognised as being among the best in the world by leading publications including Conde Nast, Travel & Leisure, Gallivanter's Guide, Harper's Hideaway and Zagat Survey. Aman Resorts as a company, and each of the Aman hotels individually, collected a total of over 500 awards since 1988, including Conde Nast "The Gold List", Gallivanter's Guide "Best Hotel Worldwide", "Best Hotel Group Worldwide" and "Most Innovative Hotel Group".
34% of Aman patrons originate from Europe, another 34% from Asia-Pacific, 28% from Americas and 4% from rest of the world.
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