Sahara in talks for sale of foreign hotels, 30 domestic properties

The embattled Sahara group is in talks for sale of its three prized foreign hotels, while final bids are being evaluated for auction of its 30 domestic properties estimated at about Rs 7,500 crore. While more than 250 Expressions of Interest (EOIs) were received for sale of the 30 domestic properties across India for the auction being conducted by Knight Frank India, sources said several of the interested parties, including some big corporates, have also submitted their final bids now. While the identity of final bidders could not be ascertained, sources said 2526 interested parties have submitted final bids. Those having submitted EOIs had included Tatas, Godrej, Adani and Patanjali, as also several real estate developers such as Omaxe and Eldeco. Besides, some high net worth individuals (HNIs) and a public sector company had also sub

Sources added that talks are also underway for sale of three foreign hotels -- Plaza and Dream Downtown in New York and Grosvenor House in London. A New York Post report said that Saudi Prince Al-Waleed Bin Talal has partnered with Ashkenazy Acquisition Corp, which owns several properties in New York, for the buyout of Sahara's stake in the Plaza Hotel.

However, a Sahara group spokesperson said "no such deal is on table for the Plaza".

Replying to a PTI query, the spokesperson said all the three hotels are "cross-collaterised so only Plaza can not be sold". Sahara, however, did not reply to queries regarding the valuation being sought for the three hotels. Several deals have fallen apart in the past for sale of these assets.

On reports about Sahara group's luxurious Aamby Valley resort township being valued at just about Rs 43,000 crore, the group said the enterprise value is "definitely above Rs 1 lakh crore" and it is the "circle rate which is coming to around Rs 43,000 crore".