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India's Sahara dismisses $1.3bn UK-Gulf bid for luxury hotels

India's Sahara group has dismissed a $1.3 billion UK-Saudi bid for its three hotels in London and New York as "baseless", saying it has valued the assets below market price.

The Subrata Roy-led group, which owns Grosvenor House Hotel in London along with Plaza and Dream Downtown hotels in New York, had received the proposal from a consortium of London-based family office 3 Associates and a family office each in Saudi Arabia and UAE, according to media reports in India. Qatar Investment Authority was reported earlier this month to be in discussions over a deal for London’s Grosvenor House Hotel in Mayfair, for an estimated $337 million.

The new bid from the Saudi-UK consortium could spark a bidding war between the two parties for the assets, it had been reported.