The 490-key Grosvenor House was built in 1929 on the site of the former London residence of the Duke of Westminster. It is managed by Marriott International.

LONDON—Ashkenazy Acquisition Corp., which plans to deploy over two billion euros on “global iconic assets” over the next 24 months, said Friday it had acquired the Grosvenor House hotel in London's upscale Mayfair district. Deal terms were not disclosed; however, published reports over the past year have estimated that a sale of the landmark hostelry could be valued in excess of £500 million, or about US$650 million. The Financial Express reported last month that the property had traded for £575 million (US$741 million) to GH Equity UK.

Along with that of the Plaza Hotel in New York City, where Ashkenazy is headquartered, ownership of Grosvenor House has been in a state of flux since 2014. At that time, chairman Subrata Roy of Sahara India Pariwar was imprisoned for defrauding Indian investors, and the company defaulted on its debt soon thereafter.

Bloomberg Business reported Friday that Reuben Brothers acquired the debt on both properties after Sahara's default. At one point, Roy reportedly was granted a temporary release from prison in order to negotiate a sale but was unable to finalize a deal. Prospective buyers have included the Qatar Investment Authority and a consortium of Saudi and British investors, according to published reports.

Ashkenazy, which recently acquired a stake in the Plaza, also owns Union Station in Washington, DC, Faneuil Hall Marketplace in Boston, 625 Madison Ave. in New York City, Bayside Marketplace in Miami and Barneys New York in New York and Los Angeles. Its real estate portfolio is valued at more than US$10 billion.

The 490-key Grosvenor House was built in 1929 on the site of the former London residence of the Duke of Westminster. It is managed by Marriott International.