Sahara Group has declined a $1.3 billion offer for its overseas hotels calling it a "devious attempt" to lower the price. The offer, made by a consortium of family office investors including Jesdev Saggar-led 3 associates of the UK and others from the Middle East, eyed Sahara's famed Grosvenor House in London, Park Plaza and Dream Downtown in New York.
The group, however, quickly spurned the proposal saying it was an attempt to ruin the market and disturb existing bidders at market value that was "much higher". Saggar, managing director of 3 Associates, termed the offer as the "largest hotel bid in UK history", and said the consortium has made a "very compelling offer".
