Indian realty major, DLF Ltd has acquired the whole 26% share of its partner Hilton International in joint venture DLF Hotels & Hospitality for Rs 120 crore.

After the stake purchase, DLF Hotels & Hospitality would operate as a wholly owned subsidiary of DLF. The Indian firm purchased the stake to take the complete control over the business including its assets, which include hotel sites.

DHL said in a filing with the Bombay Stock Exchane that, "it has acquired additional 26% equity shares of 'DLF Hotels' from Aro Participation Ltd and Splendid Property Company Ltd, affiliates of Hilton International Co."

DLF and Hilton had established the joint venture in 2006 in which the DLF held a 74 per cent stake while the remaining 26 per cent was held by Hilton. The two companies had plans to build 75 hotels in India over the next five to seven years. The venture now owns land in Kolkata, Chennai, Trivandrum and Mysore.

The venture is now planning to sell the plots in these cities to monetize them. Hilton also manages one hotel managed by DLF in Delhi. DLF is in eh process of divesting non-core assets. The company will sell the land owned by the hotel business, a move that will help it reduce its debt of Rs 22,519 crore.

The DLF spokesperson said, "This transaction was done to take complete ownership of the company and its underlying assets, including inbuilt hotel sites, with a view to monetise them."