India's DLF to sell Amanresorts in $300mn deal

MUMBAI: DLF Ltd, India's biggest property developer, will sell its Amanresorts luxury hotel chain in a management buy-out with an enterprise value of around $300 million, the company said, in a deal that does not involve Amanresorts' flagship New Delhi hotel.

Amanresorts, with assets including 22 hotels in 12 countries, has been on the block for around two years, as DLF worked to sell non-core assets to reduce its 232 billion rupees ($4.2 billion) worth of debt.

The deal is expected to close by the end of February, DLF said in a statement to stock exchanges.