Sahara to Leverage Stake in Plaza, Grosvenor Hotels
Sahara India Pariwar intends to pay part of founder Subrata Roy's bail by leveraging its stake in New York's Plaza (above) and Dream Downtown hotels and the Grosvenor Hotel in London. Sahara bought the storied Plaza Hotel from Elad Group for $600M in 2012 after a turbulent condo conversion.
Bloomberg reports that $400M of the $1.05B raised by mortgaging the three top lodgings via Mirach Capital Group will go toward paying down the company's current mortgage to the Bank of China. Roy was arrested last February after Sahara issued debt sans Indian regulator approval, leading to a protracted $3.9B refund dispute. The government will transfer him to house arrest following this deal.