• Grosvenor House sold

The Grosvenor House Hotel has been sold by the Royal Bank of Scotland for £470m to Sahara India Pariwar, the conglomerate owned by Indian billionaire Subrata Roy.

The new owner will add restaurants and a nightclub to the property, which will continue to be managed by Marriott International. Roy said: "This acquisition is a part of the major expansion plans of the group. In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally."

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