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Grosvenor House was purchased from Royal Bank of Scotland Plc
Sahara Group buys London's Grosvenor House Hotel from RBS for US$726m.
Monday, January 03, 2011
According to BI-ME and Bloomberg, Sahara Group, the Indian owner of assets ranging from TV channels to real estate, bought the Grosvenor House in London’s Mayfair district, its first overseas hotel acquisition. Grosvenor House was purchased from Royal Bank of Scotland Plc, the U.K.’s biggest government-owned bank, for 470 million pounds (US$726 million), Lucknow-based Sahara said in a statement yesterday.
Sahara plans to add an Indian restaurant, night club, spa and swimming pool to the high-end hotel, which has 420 rooms and 74 suites.
The hotel, located on Park Lane, has been operated by Bethesda, Maryland-based Marriott International Inc. under the JW Marriott brand since September 2008.
Indian hotel companies are expanding overseas as they seek to build their brand to woo customers. Indian Hotels Co., the nation’s biggest hotel operator, bought the Ritz-Carlton in Boston in 2007 for $170 million from Millennium Partners and renamed it Taj Boston, expanding its brand in the U.S. as it reentered the New York market in 2005 after six years with the rights to manage the 201-room Pierre.
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