One of the foremost establishments in the global finance arena, the Royal Bank of Scotland has reportedly sold the luxury Mayfair hotel, the Grosvenor House to an Indian billionaire for a whopping $728 million. The Grosvenor House is also famous for its heritage as being the residence of dukes of Westminster. The acquisition of this majestic hotel property, considered to be one of London’s largest five star hotels has been made possible by Subrata Roy, who is the Chairman of the media conglomerate, Sahara India Pariwar.
This latest turn around in the luxury hotel industry hasn’t been something that, the Royal Bank of Scotland was looking forward to, as it had envisioned the Grosvenor House to be sold for $774 million, as against the final price of $738 million. The Grosvenor House is currently being managed by Marriot International and the luxury hotel property in recent years has undergone a multimillion pound refurbishing project. The acquisition of the Grosvenor House by Mr. Roy, has come at a time when, the Royal Bank of Scotland is well on its way to take controlling interest in Jarvis Hotels, that is known to be one of Britain’s largest provincial hotel groups.
Via The Guardian