Excerpt from The Telegraph
A consortium of Middle Eastern and UK family offices has launched a $1.3bn bid to buy hotels owned by jailed Indian businessman Subrata Roy, including the Grosvenor House Hotel on London’s Park Lane.
The bid, which was submitted earlier today, throws into doubt a deal that was being lined up with the Qatar Investment Authority earlier this month and could spark a bidding war for the assets.
Mr Roy’s company Sahara bought the Grosvenor House Hotel in 2010 from the Royal Bank of Scotland for £470m. RBS took control of Grosvenor House in 2003 when Le Meridien, the previous hotel operator, fell into administration.
Sahara also owns a stake in New York’s Plaza Hotel and Dream Downtown Hotel, which would be included in a potential deal.
The new all-equity bid has been submitted by UK-based family office 3 Associates, with cash provided by a family office based in the United Arab Emirates, through agency Knight Frank.
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