Sultan bids for London hotel


The Sultan of Brunei has made a bid for New York’s Plaza Hotel, Dream Hotel and London’s Grosvenor House hotel, the Wall Street Journal’s website edition reported on Saturday, citing people familiar with the situation.

Subrata 1An investment firm affiliated with Brunei has offered to pay US$2 billion (S$2.5 billion) for the three hotels, which are currently owned by India’s Sahara conglomerate, said.

Sahara’s chairman Subrata Roy has been negotiating a sale of the company’s luxury hotels from a makeshift office in prison. He was ¬†held for more than five months after failing to appear at a contempt hearing in a long-running dispute over his group’s failure to repay billions of dollars to investors who were sold outlawed bonds.

Roy’s lawyer S. Ganesh last week told India’s Supreme Court that the businessman was holding “very effective” negotiations with potential buyers and that the group had signed a preliminary accord for the hotels.

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