Grosvenor House sold for £470m

London's Grosvenor House hotel has been sold to an Indian business group for £470m.

The iconic property on Park Lane, which is owned by the Royal Bank of Scotland (RBS), has been bought by Sahara India after being initially marketed for £600m.

Marriott International has an agreement to operate the five-star, 494-bedroom hotel as a JW Marriott Hotel for 24 years. Sahara India, which plans to add restaurants and a nightclub to the property, said it would manage it jointly with Marriott.

Subrata Roy Sahara, chairman of the Sahara Group, said the hotel was a part of the group's "major expansion plans".

"In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally," he said.

RBS invested more than £130m in the refurbishment of all the bedrooms and public spaces at Grosvenor House, which includes 4,000sq feet of banqueting space.

The 95-year lease of Grosvenor House was being marketed by CB Richard Ellis as the largest single hotel asset to have come on to the European, Middle East or Asian market.

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