Less than a week after reportedly receiving a US$937 million bid for London’s 494-room Grosvenor House, A JW Marriott Hotel, Sahara India Pariwar chairman Subrata Roy has reportedly received a US$800 million bid for its stakes in New York City’s 282-room, 152-unit The Plaza and 315-room Dream Downtown.
The Economic Times reported that Madison Capital Holdings, New York City, has put forth the US$800 bid for the two properties. When contacted by HOTELS to confirm the report, Madison Capital Holdings did not immediately respond to comment.
Sahara India Pariwar, Lucknow, India, would make the sales in order to comply with an order by India’s Supreme Court to deposit 100 billion rupees (US$1.7 billion) to secure the release of Subrata Roy, chairman of Sahara India Pariwar. Roy was arrested in February after surrendering to police in Lucknow and has been jailed since March. The arrest stems from an ongoing dispute over a US$3.9 billion refund to 22 million small investors, which Sahara disputes, saying its liability should be lower.
