LONDON Indian billionaire Subrata Roy’s conglomerate Sahara India Pariwar has reportedly reached an agreement to acquire London’s landmark Grosvenor House, A JW Marriott Hotel.
The Sunday Times reports that Grosvenor owner Royal Bank of Scotland has agreed to sell the 422-key property to Roy for about £470 million, or £1.1 million per key. RBS had been seeking £700 million for Grosvenor in two earlier auctions, but the bank apparently lowered its asking price after receiving no serious bids.
Consultants DTZ and Blandford Goldsmith are believed to be advising Sahara on the transaction. Neither party has commented publicly on the deal, but analysts expect it to be finalized before the end of the year.