DLF, the country’s largest real estate company today announced that, the company’s wholly owned subsidiary, DLF Hotel Holdings Ltd, has divested its entire shareholding in Adone Hotels and Hospitality Ltd (Adone) for Rs. 567 Crores. As a result, Adone and its wholly owned subsidiary, Marla Real Estate Pvt. Ltd. have ceased to exist as subsidiaries of the company.
The sale of the shareholding was undertaken in line with DLF’s stated objective of divesting its non-strategic assets.
Adone holds land parcels in Chennai, Mysore, Kolkata and Thiruvananthapuram for hotel developments alongwith other assets, was sold to a Kolkata based consortium of Avani Projects and Square Four Housing & Infrastructure Pvt. Ltd.
DLF Hotel Holdings was started as a joint venture with leading hospitality chain Hilton International. In December 2011, DLF had brought out 26% stake of Hilton JV.