Saudi bid rejected for London and New York hotels

A $1.3 billion bid for the Grosvenor House London and Plaza hotels was made by a consortium of Saudi and UK wealth funds on July 27

Investors, Owners

India’s Subrata Roy-led group, Sahara, has dismissed a US $1.3 billion (AED 4.8 billion) Saudi-UK offer for three hotels in London and New York, reports sister publication Construction Week. 

The $1.3 billion bid for London’s Grosvenor House Hotel, a majority stake in New York’s Plaza and Dream Downtown hotels — owned by jailed Indian businessman Subrata Roy— was made by a consortium of Saudi and UK family wealth funds on July 27.

The company said the bid has valued the assets below market price, The Economic Times reported.

Did you like this story?
Click here for more

A Sahara spokesperson said: "It is a devious attempt to benchmark the price much lower than the actual market value of the properties in order to ruin the market and disturb the sentiments of the actual bidders who are bidding at market value which is much higher. Please note it is a malicious, and non-serious act of some wrong people."

The consortium comprises a Saudi family that runs a private wealth fund in Dubai and UK family office, 3 Associates.

Jesdev Saggar, managing director of 3 Associates, responded: "The Roy family are within rights to reject the bid and we will choose to ignore the emotionally charged responses."

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular



Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine