Indian group buys London hotel for $726m
Mumbai, January 3, 2011
Indian diversified group Sahara India said its unit Aamby Valley has purchased London's Grosvenor House hotel from the Royal Bank of Scotland for 470 million pounds ($726 million).
Sahara said in a statement the acquisition would help the group establish its foothold in the international luxury hotel market. It plans to add restaurants, a business centre, a night club and other facilities to the property.
Grosvenor House, with 420 rooms, 74 suites and 27 meeting rooms is located in the upscale Park Lane in London and is currently managed by Marriott International. The hotel would now be jointly run by Sahara and Marriott, Sahara said.
Sahara currently operates the Sahara Star hotel in Mumbai and owns the Aamby Valley township in western India.-Reuters