For Sale sign goes up on landmark London hotel
One of London’s most prestigious hotels, the Grosvenor House on Park Lane, has been put up for sale after its owner defaulted on its debt.
Deloitte has been appointed as administrator to Sahara Grosvenor House Hospitality, run by jailed Indian billionaire Subrata Roy, which bought the hotel for £470 million in 2010.
It is seeking a buyer for the five-star property which has 420 bedrooms, 74 suites, 27 meeting rooms and the biggest five-star ballroom in Europe.
"Grosvenor House Hotel is an exceptional asset, at a London address recognised around the globe," said a Deloitte spokesman.
"We are in the process of agreeing a sale strategy with Jones Lang LaSalle (JLL) as sales agent and expect there to be considerable interest in acquiring this building."
Mark Wynne-Smith, global chief executive at JLL hotels and hospitality group, told the Telegraph: "The last hotel transaction on Park Lane took place two years ago and the market has strengthened since then."
The Grosvenor House, which is operated by Marriott, will continue to operate as usual while a buyer is sought.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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