Grosvenor House sold for £470m

The Grosvenor House hotel in London has been sold by the Royal Bank of Scotland to Indian business conglomerate Sahara India for £470 million

The 420-room hotel in Park Lane, currently run by Marriott International, is to be jointly managed by Sahara and Marriott, according to Sahara India.

The company plans to add restaurants and a nightclub to the property, which first opened its doors in 1929.

The hotel also houses Europe‘s largest and most famous hotel banqueting space, the Great Room.

“Acquisition of Grosvenor House presents a unique opportunity for Sahara India to establish its foot-hold in the international luxury hotel market after having successfully proved its expertise in hospitality sector in India through Hotel Sahara Star and its luxurious 10,600 acres Aamby Valley City,” the company said.

Sahara Group chairman Subrata Roy Sahara said the property was a part of the group’s “major expansion plans”.

“In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally,” he said.

The company owns businesses in several sectors including tourism, hospitality, technology, real estate, media and sports.