Sultan of Brunei bids for historic New York hotel

The Sultan of Brunei has emerged as the leading bidder for New York's Plaza Hotel and London's Grosvenor House, it has been reported.

Subrata Roy Sahara, the billionaire chairman of the Sahara Group, put up the two properties, as well as Dreams Downtown Hotel in New York, up for sale last month in order to make the US $1.66 billion bail to get him out of jail in India.

According to British newspaper The Times, The Sultan of Brunei is the favourite to snap up the landmark properties, in a deal worth around US $2.2 billion.

It adds that he is likely to run the hotels through his family’s Oasis vehicle, rather than through the Dorchester Collection, which already includes a number of properties in Europe and the US.

As previously reported, an investor group linked to the Qatari Royal Family had been reported to be interested in purchasing at least one of hotels.