The owner of the Grosvenor House Hotel, W1, has come out of administration after securing a refinancing deal with Reuben Brothers.
Sahara Grosvenor House Hospitality was placed into administration in March 2015, with Deloitte appointed as administrators.
The billionaire Reuben brothers bought the £550m debt on Grosvenor House from the Bank of China in June of that year.
India’s Sahara Group had been trying to sell the hotel – along with the Plaza and Dream Downtown hotels in New York – in order to bail its founder, Subrata Roy, out of jail.
Roy was jailed in March 2014 after the Sahara Group failed to repay billions of dollars to bondholders.
The Qatar Investment Authority had been in talks to buy Grosvenor House, along with the New York properties, but pulled out in September. It had been close to agreeing a deal to buy the hotels in July for £1.2bn.
A group of UK and Middle Eastern family wealth funds, led by 3 Associates, had also bid $1.3bn (£991m) for the hotels in July.
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