Proposal to sell Grosvenor House to get owner out of jail

21 May 2014 by
Proposal to sell Grosvenor House to get owner out of jail

London's Grosvenor House, A JW Marriott Hotel could be put up for sale in a bid to secure the release of its Indian owner Subrata Roy from jail.

Roy heads the Sahara India Pariwar conglomerate of companies, which bought the five-AA-star, 494-bedroom Grosvenor House for £470m in 2010.

He was denied bail in March when he was arrested in connection with a failure by the Sahara group to refund £1.9b to 30 million Indian investors after allegedly illegally raising the money through a retail bond scheme.

Earlier this week, India's Supreme Court again refused bail to Roy, saying that the company had to make "a concrete proposal" for the release of Roy on payment of Rs 10,000, according to the Times of India.

Roy's counsel told the court that nearly Rs 2,500 crore could be paid up front, with the rest of the money raised by the sale of Grosvenor House and its other high-value hotel, the Plaza in New York.

India's Supreme Court orders arrest of Grosvenor House owner >>

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