Tue, 03 Mar 2015 | ADMINISTRATION
The prestigious Grosvenor House Hotel in London is up for sale after its owner went into administration.
Sahara Grosvenor House Hospitality Limited, which owns the five-star hotel on Park Lane, went into administration after defaulting on debts. Deloitte has been appointed the administrator, and has sought the help of Jones Lang LaSalle (JLL) in the sale of the landmark hotel.
The Grosvenor House Hotel boasts 420 rooms, 74 suites, 27 meeting rooms and was originally bought for more than £470 million in 2010 by Indian billionaire Subrata Roy. The man in charge of parent company Sahara India Pariwar group had been trying to mortgage the hotel along with property in New York to pay his £1 billion bail. Mr Roy was imprisoned last March for contempt of court after failing to defend allegations of fraud, accused of not returning 200 billion rupees to investors sold illegal bonds.
Phil Bowers, joint administrator and restructuring services partner at Deloitte said of the property: “Grosvenor House Hotel is an exceptional asset, at a London address recognised around the globe. We are in the process of agreeing a sale strategy with JLL as sales agent and expect there to be considerable interest in acquiring this building.”
The hotel continues to trade as normal thanks to an operating lease held with Marriott.
______________________________________________________________________
Related information:
Check out businesses in administration
When is the right time to buy a distressed business?
This financial advisory firm has an infrastructure in place to carry on operating profitably post-sale.
Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
This firm has an average portfolio size per household above £0.5m, meaning you will be servicing high quality, profitable clients.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.