The drama surrounding the sale of three Sahara Group hotels—The Plaza and Dream in New York and the Grosvenor House in London—continues. As the industry follows the daily reports of the group's chairman, Subrata Roy, to sell the hotels from his jail cell (he's there because he owes a ton of money), news comes today that a buyer has made a bid on Dream.
According to The Real Deal, Arthur G. Cohen’s estate is bidding on the downtown Dream Hotel on West 16th Street in Chelsea (pictured). The bid: $205 million, reportedly $35 million less than the asking price.
Cohen was an American businessman, philanthropist, and real estate investor. He died last month.
Word is he isn't the only bidder. Rapper Pras Michel (of Fugees fame) and sports agent David Sugarman are bidding on the hotels as well, $2.2 billion for the three hotels, to be exact.
Then there is the Sultan of Brunei—at the center of a hailstorm due to his country's anti-gay stance—who, too, is making a bid for the troika. His bid is over $2 billion, as well.
Earlier this week, India's Supreme Court gave a second extension to the Sahara Group to negotiate a deal for selling the three hotels and raise funds to repay its bondholders. The court has allowed the company 15 working days more starting Wednesday.