By Staff writer
Sahara to sell Grosvenor House hotel to Gulf state for as much as $337m
Troubled Indian conglomerate Sahara has told a court in India that it has agreed to sell its stake in one of London’s top hotels to Qatar.
The Business Standard newspaper reported that the deal for the Grosvenor House Hotel in Mayfair could raise as much as $337 million.
Sahara is attempting to sell off a number of assets - including the Sahara Star hotel in Mumbai, its 42 percent stake in F1 team Force India and four aircraft – as it seeks to pay off its creditors.
Once regarded as one of India’s most powerful men, Sahara chairman Subrata Roy is currently in jail as the group battles to pay back an estimated 30 million investors.
The newspaper said that the group’s total dues had risen to $5.9 billion.
Sahara bought the Grosvenor for $677 million from the Royal Bank of Scotland in 2010.
The deal would add to a portfolio of top hotels Qatar has bought in recent years. Last year, it purchased Claridge’s, the Berkeley and the Connaught hotels – all in London – from the Barclay brothers.
State-owned Katara has a stable of 35 hotels around the world.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.