RBS sells five-star Mayfair hotel to Indian billionaire
• Grosvenor House Hotel sold to Indian conglomerate for $ 470 million
• RBS consortium is likely to end up controlling stake in the ailing Jarvis Hotel Group
Taxpayer-controlled Royal Bank of Scotland sold the Grosvenor House, Mayfair luxury hotel built on the site of the former London residence of the Dukes of Westminster, in the Indian billionaire for $ 470.
494 rooms, one of the largest five-star London hotels, was acquired by Sahara India Pariwar, the media conglomerate controlled by colorful industrialist Subrata Roy, who describes himself as "chief guardian, managing worker and chairman of Sahara group" Family ".
The sale process was completed today as it was announced that a consortium of banks led by RBS, is likely to take a controlling stake in one of the largest provincial British hotel groups, Jarvis Hotels. Attempts to find a buyer for the business, which violated its banking covenants, failed.
Other creditors Jarvis is believed to include HSBC and Bank of Ireland.
With the hope of selling now collapsed, the possible moves remain open to Jarvis include debt for equity swap or other form of control, potentially ready to deal, that would relieve certain onerous leases.
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