Sahara denies wanting to sell Plaza, Dream hotels

November 21, 2013 08:25AM

The chairman of Sahara Group has quashed rumors that the Indian conglomerate is looking to sell a portion of Its Hotel Portfolio Including The Plaza Hotel and the Dream Downtown Hotel. “I would like to take this opportunity to set the record straight,” chairman Subrata Roy said in a statement late Tuesday. “Sahara is not looking to divest itself of these important assets at this time.”

Earlier reports indicated that Sahara – which is facing lawsuits at home for alleged violations of securities law – was looking to sell the two New York hotels as well as the Grosvenor House in London. The group had received a $1.6 billion offer for the trio of hotels from an unidentified Middle Eastern investor, according to previous reports.

“This speculation has arisen because we have received offers, but that does not mean we have any intention of selling,” Roy added in the statement, provided to the New York Observer. “We view these properties as investments in our future and plan on developing them further with our partners in each location.” [NYO]Hiten Samtani