The iconic Grosvenor Hotel in Mayfair is no longer for sale. The real estate consultant had started the auctioning process at £470 million after the owner, Sahara Group lapse on its loans to the Bank of China.
The Hinduja group had also placed a bid to buy this hotel, however, they were recently informed that Grosvenor House was “no longer for sale.”
Gopichand Hinduja expressed, “We had placed a bid for the hotel. We were however informed that someone has paid off the debt and hence the property is no longer in administration.”
It appears that the hotel was no longer under any debt pressure and a deal has been reached to repay the debt Sahara owed.
Grosvenor House has 420 rooms, 74 suites and 27 meeting rooms and was the first overseas hotel acquisition by Sahara Group. Sahara Chief Subroto Roy was in the news for purchasing the lavish hotel for the gigantic sum of £470 million.
