Sahara spurns $1.3-bn new offer for hotels

THE Sahara Group on Wednesday spurned a $1.3-billion offer for its three prized overseas hotels, terming it as a “devious attempt” to lower the price even as the suitor maintained the proposal is “very compelling”, reports PTI. The offer was made by a consortium of family office investors for acquiring Sahara's majority stake in three marquee hotel properties — the Grosvenor House in London, the Park Plaza and the Dream Downtown in New York.

THE embattled Sahara group on Wednesday spurned a $1.3-billion offer for its three prized overseas hotels, including Grosvenor House and Park Plaza, terming it a “devious attempt” to lower the price even as the suitor maintained the proposal is “very compelling”.

The offer was made by a consortium of family office investors, comprising Jesdev Saggar-led 3 Associates of the UK and others from West Asia, for acquiring Sahara’s majority stake in three marquee hotel properties — the famed Grosvenor House in London, as well as the Park Plaza and Dream Downtown in New York.

Amid speculation that the fresh offer may trigger a bidding war as Sahara was already in talks with a few others, including some Qatar-based investors, for these hotels, the group was quick to spurn the proposal saying it was an attempt to ruin the market and disturb existing bidders at market value that was “much higher”.

Saggar, Managing Director of 3 Associates which termed its offer as the “largest hotel bid in the UK history”, said the consortium has made a “very compelling offer” and it was a long-term investment opportunity for them.

In a strongly-worded reaction, a Sahara spokesperson however termed it “a malicious and non-serious act of some wrong people”. PTI