Sahara Group received $1.3 billion offer for its 3 hotels abroad

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Sahara Group has received an $1.3 billion offer from a UK family office 3 Associates, Saudi and UAE family offices for its three overseas hotels, including the Grosvenor House and Park Plaza. The tempting offer is to buy the Group’s majority stake in the three properties—the Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York. They have made a compelling offer and it was a long-term investment opportunity for them. “This is a long-term investment opportunity for us. It is now up to the Supreme Court and the Roy family,” said Jasdev Saggar, MD at 3 Associates. While Sahara Group did not comment immediately, its spokesperson later said that he was not aware of the bid. It may be noted Sahara owns 100 percent of Grosvenor House, 75 percent of Plaza Hotel in New York along with Saudi Prince Al-Waleed bin Talal and owns 85 percent in Dream Downtown, New York. Earlier, the Group had sought clearance from the SC for a proposal to sell Grosvenor House Hotel at London, and Plaza and Dream Downtown Hotel in New York to Qatar Investment Authority. Under the deal, the sale of these three hotels was to fetch Rs 10,308 crore for Sahara, and will help the group to keep Roy out of jail.

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