A consortium consisting of Saudi and British-based wealth funds has launched a $1.3bn bid for London’s Grosvenor House Hotel and other stakes in US and Indian assets, according to a report in London’s Financial Times.
The hotel is currently owned by India’s Sahara Group. It bought the 494-room property, operated by JW Marriott, in 2010 for £470m.
The UK family office 3 Associates submitted the new all-equity offer on Tuesday, according to the FT. It said most of the cash came from a Saudi family that runs a private wealth fund out of Dubai, it added.
Jesdev Saggar, managing director of 3 Associates, told the FT the potential deal represented “one of the largest in the industry and a significant demonstration of confidence in London commercial property”.