London/New Delhi: 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 of 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, told PTI the group has made a “very compelling offer” and it was a long-term investment opportunity. “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.
While there were no immediate comments from Sahara group on whether it considered the latest bid to be good to be accepted, it may trigger a bidding war as the beleaguered Indian group was already in talks with Qatar-based investors for a potential deal for these hotels.
3 Associates founders and its Multi Family office network has completed over 314 million pounds worth transactions since 2014, including hotels and commercial offices in the UK, UAE and India. It claims to have “access to one of the largest pools of family office equity in the Middle East”. When asked whether they were looking at more assets in the UK and other places of other distressed Indian groups, Saggar said, “We are focused on the UK”.
Sahara group, whose chief Subrata Roy was in jail for over two years in connection with a long-running dispute with markets regulator Sebi and is currently out on parole, has been trying hard to raise funds including through refinancing of loans on its overseas hotels.