New suitor offers $1.3 bn for Sahara’s overseas hotels

London/New Delhi, July 27 

Scurrying for funds, embattled Sahara Group has got a $1.3-billion offer from a new suitor for its three prized overseas hotels, including the Grosvenor House and Park Plaza.

A consortium of family office investors, comprising Jesdev Saggar-led 3 Associates of the UK and others from the Middle-East, has made the offer to acquire Sahara Group’s majority stake in the three marquee hotel properties — the famed Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York.

When contacted, Saggar, Managing Director at 3 Associates, said they have made a “very compelling offer” and it was a long-term investment opportunity for them.

“This is a long-term investment opportunity for us. We have submitted a very compelling offer. It is now up to the Supreme Court and the Roy family,” he said.

Sahara rejects offer, calls it attempt to lower price 

Sahara Group on Wednesday rejected a new $1.3 billion offer from a group of investors for its three prized overseas hotels, terming it a “devious attempt” to lower the price and disturb the sentiment of other bidders making “much higher” offers. Sahara, however, did not disclose any details of other offers it has got for the three hotels. pti