A leading Mayfair hotel has been sold to the Indian billionaire, Subrata Roy.
Roy, who owns and chairs the Sahara India group, has completed the acquisition of the Grosvenor House Hotel in Park Lane for a reported price of GBP 470million.
The iconic hotel, which includes over 400 guestrooms, 74 suites and a large banqueting space, was sold by the Royal Bank of Scotland (RBS).
Mr. Subrata Roy Sahara commented, "We are extremely happy to announce Grosvenor House joining the Sahara family. This acquisition is a part of the major expansion plans of the group. In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally.