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Grosvenor House hotel in London is sold to an Indian billionaire

News One of the iconic London hotels, Grosvenor House, was sold to Sahara India Pariwar conglomerate that is owned by an Indian billionaire Subrata Roy. The property’s previous owner, Royal Bank of Scotland, has already confirmed the deal. The total price of the agreement is £470 million. As the accommodation in London has 494 rooms, each one’s cost is £951,000.

The transaction is told to be performed around six weeks ago, but the news concerning it has appeared only now. It is known Sahara is going to add more night clubs and restaurants to this hotel. Originally Grosvenor House gas been managed by Marriott International. The company will keep its position with the new owner as well.

Royal Bank of Scotland tried to get rid of this property several times, but only the third attempt was successful. The hotel was sold through the auction. In first two auctions the starting price estimated £700 million, but it was then lowered due to lack of serious bidders.

The purchase of the famous hotel in London is the first step of Sahara to launch its presence in international hotel industry. The company already owns the Aamby Valley township in India and the 223-key Sahara Star hotel in Mumbai.

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