Sahara India Pariwar defaulted on loan agreements with Bank of China that were secured for three hotels in the U.S. and UK, resulting in London’s Grosvenor House being put up for sale.
According to Bloomberg, Deloitte LLP said it was appointed as administrator for Sahara Grosvenor House Hospitality, which owns the leasehold title to the hotel. It is working with property consultant Jones Lang LaSalle, and is seeking about £500 million (US$770 million) for the property.
Sahara Group said it is working on a refinancing transaction to repay the loans to Bank of China and regain control of Grosvenor House.