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The iconic London hotel Grosvenor House could become the UK’s single biggest hotel sale after reports it is close to being sold as part of a £1bn deal.
A member of the Saudi royal family is lining up a bid of £1bn to buy the property along with two hotels in New York from India’s Sahara Group, according to Property Week.
It is believed the deal values the property, which is based on Park Lane, at £600m.
The publication reports that a consortium made up of the family office of the royal family member and three associates is close to completing the all-equity offer.
The hotel has been on the market since March last year, after its owner Sahara Grosvenor House Hospitality – a subsidiary of Sahara – was entered into administration.
