Grosvenor House could become the UK's biggest single hotel sale after reports that a member of the Saudi royal family is lining up a bid of £1b to buy the property along with two hotels in New York from India's Sahara Group.
The deal values the five-AA-star 494-bedroom hotel at £600m, according to Property Week.
It believes a consortium made up of the family office of the royal family member and 3 Associates is close to completing the all-equity offer, which will make Grosvenor House the biggest single hotel deal seen in the UK.
The iconic London hotel has been on the market for a year after Sahara Grosvenor House Hospitality, a subsidiary of Sahara, went into administration.
The £1b deal is expected to include the New York Plaza hotel, formerly owned by US presidential hopeful Donald Trump, and the Dream Hotel, also in New York, at £240m and £160m respectively.
Earlier this year, Sahara was thought to be close to signing a deal with the state of Qatar for Grosvenor House, but it is understood the deal collapsed.
The Saudi royal family member and 3 Associates are working with Knight Frank to facilitate the bid. It is believed they are preparing a formal offer through the Supreme Court in India, which is administrating the sale of Sahara assets to pay investors back.
Sahara bought Grosvenor House, operated by Marriott International, in 2010 for £470m in what was the largest London hotel deal on record.
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