Grosvenor House sold for £470m

31 December 2010 by
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.

Grosvenor House put on the market for £600m >>

Marriott set to add up to 112,000 hotel rooms >>

Park Plaza in £21m London hotels deal >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking