Sahara buys London hotel for Rs 3,290 cr,goes international, getting in the hospitality sector-its new business ventures 31/12/10

Sahara buys London hotel for Rs 3,290 cr

(THIS IS HOW EVERYONE IS EXPANDING AND GROWING THEMSELF!!!GOOD WISHES TO THEM!!

I WISH FOR SUDHIRJI TO RISE ABOVE EVERYTHING,ALL PROBLEMS,HURDELS,MENTALBLOCKS (AT TIMES THESE BLOCKS CANBE POSITIVE ALSO),AND GROW AND EXPAND IN HIS WORK AND CAREER.HE TAKES CARE OF EVERY FAMILY MEMBER IN PROBLEMS OR OTHERWISE,AND FRIENDS SO I AM SURE EVERYONE'S GOOD WISHES AND DUAIEN HE'LL GET.HE IS HONEST,INTELLIGENT,KNOWLEDGEBLE AND VERY NICE HUMAN BEING.CAN TACKLE THINGS VERY WELL.HE SHOULD COMEOUT ON BIGGER PLATFORM THEN ASIANAGE,AND SO THAT HIS WORK CANBE MORE VISIBLE AND HIS WORK AND VIEWS CAN BE SHOWN TO MORE PEOPLE.2011 WILL BE HIS ONE OF THE BEST YEAR I WISH.

DEFINITLY MY GOOD WISHES TO ALL OTHER MEMBERS OF OUR FAMILY INCLUDING ME.AND ALL THE COUNTRYMEN.NAV VARSH MANGALMAYE HO!!!...VIBHA TAILANG)

In the largest overseas acquisition by an Indian company in the hospitality sector, Sahara India Pariwar of Subrata Roy has acquired iconic Governor House, a 5-star luxury hotel run by JW Marriott in Central London from The Royal Bank of Scotland Group plc for around £470 million (around Rs 3,290 crore).

“The valuation of the hotel, three years back was more than £1 billion. The valuation, even today is quite high but due to highly satisfactory due diligence by the Royal Bank of Scotland which owned the property and after long and strict negotiations, we have purchased it for £470 million,” said Subrata Roy Sahara, Managing Worker & Chairman, Sahara Group. Royal Bank of Scotland took control of the property — which was once home to the Duke of Westminster — in 2001 when it paid £1.2 billion for 12 Le Meridien hotels as part of a sale- and-leaseback deal.

RBS had originally hoped to get as much as £700 million from the sale, but lowered its target after two previous auctions failed. RBS has been trying to offload the site for three years. Governor House was built in the 18th century and became the Duke’s London home in 1806.


The hotel is now owned by Aamby Valley Ltd. “This acquisition is a part of the major expansion plans of the group. In addition to the acquisition of Governor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally,” Roy said.

Governor House, located in the prestigious locality of Park Lane in Mayfair, London, is an iconic landmark with 420 rooms, 74 suites, 27 meeting rooms providing an incredible 4,000 square meters of high quality space and also houses Europe’s largest and most famous hotel banqueting space, the Great Room.

As part of its plan, Sahara will add number of restaurants and other facilities including a Indian restaurant with the name NAMAK, a grand bar, good spacious night club, a large business centre, swimming pool, a grand spa with parlors in addition to other things. The hotel has the largest banquet hall of London.

“Marriott has been managing the Hotel well, but now Sahara will run the hotel jointly,” it said. “The acquisition of Governor House presents a unique opportunity for Sahara India to establish its foot-hold in the international luxury hotel market after having successfully proved its expertise in hospitality sector in India through Hotel Sahara Star and its luxurious 10,600 acres Aamby Valley City,” Sahara said.