Singaporean luxury resorts chain Banyan Tree is in talks on buying a majority stake in fellow high-end hotel group Aman resorts, India’s Financial Express newspaper reported Monday. The daily quoted a person familiar with the matter as saying that DLF, the Indian real estate firm that owns Aman, was in advanced talks to sell most of the business for about 350 million dollars.
Banyan Tree has a range of interests, from hotels and resorts to spas, shopping centres and golf courses around the world. The newspaper said DLF, India’s largest real estate group, was seeking to sell a “controlling stake” in the group as part of a plan to cut its debt in the wake of the global downturn in the real estate market. It bought Aman for 400 million dollars in 2007.
Amanresorts owns and manages 24 small luxury resorts in countries including Thailand, Bhutan, Cambodia, China, France, Morocco, and the United States, according to its website.
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