Search
 

Ashkenazy Takes Ownership of London's Grosvenor House

Prospective buyers of the landmark hotel reportedly have included the Qatar Investment Authority and a consortium of Saudi and British investors.

By Paul Bubny | paulbubny | Updated on July 10, 2017

The iconic Grosvenor House was built in 1929.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.