The Royal Bank of Scotland (RBS) has completed the sale of the Grosvenor House Hotel in London, UK, to India-based media conglomerate Sahara Group for £470m ($730.4m).

The sale is part of the bank’s initiative to divest its non-core assets.

Grosvenor House hotel features 420 rooms, 74 suites, 27 meeting rooms and a large banqueting space, the Great Room.

Grosvenor House has undergone a multi-million-pound refurbishment and is now managed by Marriott.

RBS took control of the hotel in 2001 paying £1.2bn ($1.86bn) for 12 Le Meridien hotels as part of a sale-and-leaseback deal.