The Economic Times reported on Monday that Indian real estate giant DLF is set to sell its hotel development subsidiary DLF Hotels & Hospitality, which controls four undeveloped hotel sites in India, to Four Square Housing and Infrastructure Private Ltd, Kolkata, India for Rs 550 crore (US$104 million).
The move comes after 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.
The sale does not include Aman Resorts.
The move is part of DLF’s current strategy of divesting from non-core assets to reduce its overall debt. Neither DLF nor Four Square are giving further detail on proposed sale.
The Economic Times reported that an anonymous source at Four Square said the company is already in discussions with “Four Seasons, Radisson and Hilton” about developing the four sites.