The UK family office of 3 Associates has submitted a $1.3bn bid for the Grosvenor House hotel plus majority stakes in New York’s Plaza and Dream Downtown hotels.
Owner Sahara India Pariwar, which is controlled by Subrata Roy, is also in talks with the Qatar Investment Authority about a sale of the properties.
Family funds in Saudi Arabia and the United Arab Emirates are partnering 3 Associates in the bid, which was accelerated as a result of the pound’s weakness following the Brexit vote.
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