• RBS nears Grosvenor House sale

Royal Bank of Scotland is reported to have agreed to sell the Grosvenor House hotel for around £470m, or £1.1m per key, to Sahara India Pariwa.

The bank is thought to have anticipated getting a price of up to £700m for the hotel. Sahara India Pariwar is run by the billionaire industrialist Subrata Roy, with the deal expected to complete by Christmas, according to The Sunday Times.

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