Realty major DLF Ltd has divested its entire stake in Adone Hotels and Hospitality Ltd for Rs 567 crore. As a result, Adone and its wholly-owned subsidiary Marla Real Estate Pvt. Ltd cease to exist as subsidiaries of the company.
Adone holds land parcels in Chennai, Mysore, Kolkata and Thiruvananthapuram for hotel developments, along with other assets. It was sold to a Kolkata-based consortium of Avani Projects and Square Four Housing & Infrastructure.
DLF Hotel Holdings was started as a joint venture with leading hospitality chain Hilton International. In December 2011, DLF had bought out the 26 per cent stake of Hilton in the venture. The company, in a notice to the BSE, said that the sale of the shareholding was done in line with DLF's stated objective of divesting its non-strategic assets. DLF's net debt stood at a whopping Rs 22,725 crore as on March 31, 2012.
The company plans to garner at least Rs 4,000 crore by selling its non-core assets. These include selling off its hotel business, wind energy business and also large tracts of land in various parts of the country.