Billionaire brothers David and Frederick Barclay bid more than £600 million (US$751 million) for London’s Grosvenor House Hotel, according to news reports.
The Grosvenor has been on the market for three years. Its current owner, Indian businessman Subrata Roy, has been on parole since 2014 for allegedly defrauding investors and has a deadline of today to deposit several hundred million pounds of his total £1.3 billion (US$1.6 billion) in bail money to Indian regulators.
The Barclays aren’t interested in the other hotels in which Sahara has a majority stake – New York’s Plaza and Dream Downtown hotels. Other bids on the properties have been received but the complexities of financing the deals have been obstacles.