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.
Check out businesses in administration
When is the right time to buy a distressed business?
Provides an extensive range of manned and electrical security solutions, including manned dog patrols and CCTV installation. Established for nearly 20 years. Utilises an in-house 24-hour control room for monitoring and response. Offers invited.
Viewing: Anytime In Normal Office Business Hours. Closing From 12 Noon Thursday 20th June.
Project Lake carries out contracting services for soil and water erosion control and ecological restoration projects, also supplying some of its own products into these projects at a healthy profit margin. Project Lake has four distinct areas of rev...
Financial difficulties at a London-based meat and poultry di...
A contractor based in Aldridge, West Midlands has collapsed ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources