After acquiring a string of marquee hotel properties in the UK and the US, the Sahara Group, is now in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton hotel. The landmark hotel in Los Angeles has been hosting the Golden Globe Awards.
The owner of Oasis, Beny Alagem, had approached Sahara to sell 55% stake in the iconic hotel for about $340 million ( Rs 1,900 crore). Sahara group Chairman Subrata Roy confirmed that his group was in talks.
The Sahara group last month bought a majority stake in New York's iconic Plaza hotel for Rs 3,200 crore, the second iconic property it has purchased in recent years. In 2010 it acquired the Grosvenor Hotel in London.
Oasis has been scouting for an equity partner to fund expansion plans since 2011, after Alagem abandoned an earlier plan to sell the hotel for about $500 million as per a report in ET.
Oasis plans to add a 170-room, five-star hotel and a 150-condos residential tower to the nine-acre property. The proposed hotel block, a source said, would be managed by US-based Hilton Hotels and named The Waldorf Astoria.
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