Reuben Brothers in £90m Pall Mall Property Swoop
7 January 2017 – Estates Gazette
The owner of the Grosvenor House Hotel, W1, has emerged from administration after securing a refinancing deal with the Reuben brothers.
Sahara Grosvenor House Hospitality was placed into administration in March 2015 with Deloitte appointed as administrator. The billionaire Reuben brothers bought $850m (£684m) of debt secured against the 420-bedroom London hotel as well as the Plaza and Dream Downtown hotels in New York, US, from Bank of China in June 2015.
India’s Sahara Group has been trying to sell the three hotels in order to bail its founder Subrata Roy out of jail. Roy was arrested in March 2014 after Sahara Group failed to repay billions of dollars to bondholders. The Qatar Investment Authority was in talks to buy the Grosvenor House, Plaza and Dream Downtown for £1.2bn but pulled out in September.
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