One of London's most iconic hotels may be facing new ownership after a consortium of family offices from Saudi Arabia, the United Arab Emirates and the UK have tabled a $1.3bn (£989m) bid to acquire Grosvenor House Hotel and majority stakes in two New York sites.
UK family office 3 Associates announced today that it had submitted an all-equity offer for the London hotel, plus a share in New York's Plaza and Dream Downtown hotels.
3 Associates & KSA Family offices submit largest Hotel bid in UK history, making the Families the most important Hotel Investors in Europe.— 3 Associates Capital (@3Associates) July 26, 2016
Speaking to City A.M. 3 Associates managing director Jesdev Saggar said that the consortium is optimistic of getting a response to its bid within the next week.
3 Associates has enlisted Knight Frank to work with the group on the deal.
The Grosvenor House Hotel has been up for sale since last year, after its owner Sahara Grosvenor House Hospitality, collapsed into administration.
Sahara founder Indian billionaire Subrata Roy is currently on parole, having been released in May after almost two years in jail relating to sales of convertible bonds found illegal by Indian courts.
As well as the 494-room Grosvenor House, Sahara owns a 70 per cent stake in the Plaza hotel, and an 85 per cent stake of the Dream Downtown.
Sahara acquired the Grosvernor for £470m from Royal Bank of Scotland in 2010.