£930m Grosvenor House bid provisionally accepted

A $1.15b (£930m) bid for the Grosvenor House, A JW Marriott Hotel and New York Park Plaza by a consortium of Saudi and UK family wealth funds has been provisionally accepted, according to Property Week.Image result for grosvenor house london

It reports that the bid fronted by UK company 3 Associates has been accepted by the hotels’ owner Sahara Group but requires the sanction of administrator Deloitte before it can progress. The five-AA-star, 496-bedroom Grosvenor House hotel was placed into administration last year. The exchange is expected to happen by the end of the year.

The consortium’s bid had originally included the Dreams Downtown hotel, also in New York, but was dropped. Sahara also came close to doing a deal with the Qatar Investment Authority for the three hotels, but the sovereign wealth fund pulled out of negotiations in September.

Deloitte and 3 Associates were unavailable to comment at the time of going to press.

Grosvenor House said it was “business as usual” but declined to comment further.

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