Saudi bid rejected for London and New York hotels

India’s Subrata Roy-led group, Sahara, has dismissed a US $1.3 billion (AED 4.8 billion) Saudi-UK offer for three hotels in London and New York, reports sister publication Construction Week. 

The $1.3 billion bid for London’s Grosvenor House Hotel, a majority stake in New York’s Plaza and Dream Downtown hotels — owned by jailed Indian businessman Subrata Roy— was made by a consortium of Saudi and UK family wealth funds on July 27.

The company said the bid has valued the assets below market price, The Economic Times reported.

A Sahara spokesperson said: "It is a devious attempt to benchmark the price much lower than the actual market value of the properties in order to ruin the market and disturb the sentiments of the actual bidders who are bidding at market value which is much higher. Please note it is a malicious, and non-serious act of some wrong people."

The consortium comprises a Saudi family that runs a private wealth fund in Dubai and UK family office, 3 Associates.

Jesdev Saggar, managing director of 3 Associates, responded: "The Roy family are within rights to reject the bid and we will choose to ignore the emotionally charged responses."