Sahara India is planning to acquire 85% stake in Sant Singh Chatwal's flagship property Dream Downtown Hotel in New York through its Mauritius based subsidiary Aamby Valley Ltd.
The Chatwal group will retain the remaining 15% stake in hotel, while the existing franchise agreement with the Wyndham Hotel Group to run Dream Downtown will continue to remain in place even after Sahara takes over the hotel.
Dream Downtown has 315 rooms, an expansive rooftop lounge, a beach club and extensive fitness facilities with spa services.
New York based Chatwal Hotels & Resorts LLC was planning to invest $200 Mn in India to open more than 50 hotels over the next five years.
Chatwal Hotels, which has given the franchise and management rights of its 5-star deluxe brand Dream and 4-star brand Night to Wyndham Hotel Group, plans to expand them in India through the franchise model and develop them with the help of local partners.
Sahara Group has businesses in hospitality, real estate financial services, mutual funds, life insurance, media, film production, sports, information technology, healthcare, commodity sales and services and consumer products.
Sahara group is also in talks to acquire The Plaza, a 105-year-old landmark property in New York.
Recently in January, Sahara group has also bid R1808Cr for Marriot Hotels in London sold by the Royal Bank of Scotland.
Last year, Sahara India's subsidiary Aamby Valley has bought London's Grosvenor House Hotel from the Royal Bank of Scotland for 470 Mn pounds (approx Rs.3,300 Cr).
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