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Report: Sahara to sell 3 hotels to QIA

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Report: Sahara to sell 3 hotels to QIA

Sahara Group plans to sell its interests in threehotels to Qatar Investment Authority and/or its affiliates, The Times of India reported, citing anaffidavit of the group.

The Qatar fund agreed in principle to acquire the GrosvenorHouse Hotel in London for £590.0 million. The April 27 letter of intent fromthe prospective buyer also reportedly valued the Plaza Hotel at US$550.0million and attached a US$220.0 million price tag on the Dream Downtown hotel,both located in New York.

The company seeks to gain clearance from the SupremeCourt of India to divest the hotels. A portion of the saleproceeds will be remitted to the Securities and Exchange Board of India,pursuant to an earlier agreement.

Sahara founder Subrata Roy, who is under judicialcustody for defaulting on loans and allegedly cheating investors, has beentrying to sell theproperties to meet a £1 billion bail demand set by the Supreme Court of India.