http://www.propertyweek.com/news/hotels-and-leisure/saudis-table-%C2%A31bn-grosvenor-house-bid/5084306.article

26 July 2016 | By Richard Williams

As tipped by Property Week in June, the group – fronted by 3 Associates Capital – has now formally made an offer for the three hotels, which also includes the New York Plaza and The Dream Hotel.

India’s Sahara Group’s billionaire founder Subrata Roy is contemplating the sale of the three prized hotel assets, in part to pay a £1bn bail bond placed on him by the Indian Supreme Court.

Roy has been in jail for just over two years, charged with contempt of court after he failed to return more than 370bn rupees (£3.8bn) to investors who were sold illegal bonds – a charge he denies.

The Supreme Court in India is administrating the sale of the hotels to pay investors back. Sahara revealed earlier this month that it was in talks with QIA over a potential deal.