Sahara Group sells London's Grosvenor House Hotel to Qatar

The Sahara Group’s Grosvenor House Hotel in London has been sold to the state of Qatar.

Advocate Kapil Sibal, representing the company, did not disclose the sale price, but told India's Supreme Court that Sahara would have a surplus amount of Rs.2,350 crore from the proceeds of the sale after using a portion to help pay the bail of Sahara Group founder Subrata Roy.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Another sale transaction for two other Sahara-owned hotels—the Plaza Hotel and the Dream Downtown in New York—is underway with VTB, a Russian Bank.

“80 percent of the transaction is done along with due diligence. We will inform the court shortly on the result,” Sibal told the court, according to LiveMint.

The court reportedly asked the Securities and Exchange Board of India (SEBI) to respond to Sahara’s plea seeking the court’s permission to sell the Sahara Star Hotel in Mumbai among other assets in order to secure Roy's bail. The case will be heard in late March. 

Suggested Articles

Celebrating the hotel company’s 45th year and his 80th on the planet, the owner/operator—and philanthropist—embodies a "hospitality heart."

The Hyatt Centric Reykjavík will not only be the first Hyatt-branded hotel in Iceland, but will be the company's debut the Nordic region as a whole.

The new Radisson Blu Resort Cam Ranh in Khanh Hoa province has 292 rooms, suites and pool villas.