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January 31, 2012

Sahara Group makes £750m bid for Marriott hotels

Sahara Group in India has made a bid for 42 Marriott hotels in London, which are being sold by Royal Bank of Scotland (RBS) for around £750m.

Sahara Group in India has made a bid for 42 Marriott hotels in London, which are being sold by Royal Bank of Scotland (RBS) for around £750m.

According to a Sunday Times report, the four-and five-star properties have attracted interest from other buyers, including the Abu Dhabi Investment Authority and Blue Post Group.

RBS took control of the properties after the failure of talks to restructure loans it extended to the previous owner, a consortium that included Irish property fund Quinlan Private and Israeli property investor Delek.

In 2011, Sahara Group subsidiary Aamby Valley acquired the Grosvenor House hotel in London from RBS for £470m.

The purchase was one of the largest acquisitions made by an Indian company in the hospitality sector.

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