House of Patels Group, Dubai based real estate group, plans to develop a luxury residential or hotel project in India. Commenting on the plan, the group chairman Asgar Patel said that he plans to develop the project in the land which he owns in India. Continue reading
Indian property investor Blue Mountain Real Estate Advisors has been selected as the preferred bidder for 42 Marriott hotels throughout Britain after it offered almost 750 million pounds, a media report has said.
The holding company for the portfolio of hotels collapsed under the weight of about 900 million pounds of debt, most of it held by Royal Bank of Scotland (RBS).
Blue Mountain Real Estate Advisors, a part of the Mumbai-based India Blue Mountain group, is understood to have been granted a period of exclusivity by RBS to put together funding for a deal, The Times said in a report.
The proposed sale to Blue Mountain comes as a surprise as, according to the report, the front-runners in the latter stages of the auction had been RB Capital and Sahara, the Indian group that bought the Grosvenor House on Park Lane just over a year ago for 470 million pounds.