DLF acquires Hilton’s stake in JV

DLF has acquired Hilton International’s 26% stake in the joint venture DLF Hotels & Hospitality for a reported US$23.4 million (1.2 billion rupees), making the JV a wholly owned subsidiary of DLF.

A DLF spokesman told The Economic Times of India the transaction was done to take complete ownership of the company and its underlying assets, including potential hotel sites, with a goal of monetizing them in the near future.

In recent years the JV has been selling land, and currently the JV has only four undeveloped land sites in India, The Economic Times reported.