Reubens to the Rescue, acquire Sahara hotels

Billionaire brothers David and Simon Reuben will take over Sahara group’s Grosvenor House hotel and two other luxury hotels - Plaza and Dream Downtown — in a whopping $850 million (Rs. 5,500 Crore) deal.

The Reubens have also purchased the two loans against the properties from Bank of China. They have also given a four-month extension to Sahara.

The Grosvenor House hotel was recently put up on sale by the Bank of China after Sahara failed to pay the defaulting amount. Sahara bought it in 2010. The two other US hotels followed. The trio was brought for an estimated$1.55 billion.

The Group has been long trying to raise $1.6 billion to get its chief Subrata Roy out on bail by monetizing its assets. Roy has been in Tihar Jail for over a year now. It has also been in a legal strife with SEBI over raising funds worth around Rs. 24,000 Crores. The company claims it has repaid 95% of the investors.

(Image credit: Indiatimes)