A consortium of Saudi and UK family wealth funds is reported to have made a $1.3 billion offer to buy Grosvenor House hotel in London.
The UK family office of 3 Associates submitted the all-equity bid yesterday and said most of the cash came from a Saudi family that runs a private wealth fund in Dubai.
The offer also covers majority stakes in New York’s Plaza and Dream Downtown hotels.
The Indian conglomerate Sahara India Pariwar, which owns the hotel portfolio, is also in talks with the Qatar Investment Authority over a potential deal, according to the Financial Times.
Jesdev Saggar, managing director at 3 Associates, said the consortium had been planning an offer, which was accelerated after currency movements following the Brexit vote benefited dollar-linked investors.
He added that the potential deal represented “one of the largest in the industry and a significant demonstration of confidence in London commercial property”.
Sahara bought the 494-room Grosvenor House on Park Lane from Royal Bank of Scotland in 2010 for £470 million. The JW Marriott-branded hotel hosts high-profile events including Travel Weekly's Globe Travel Awards.
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