The Grosvenor House Hotel in London has been put up for sale after its owner was placed into administration. The five-star hotel, on Park Lane, is expected to fetch over £500m which is some 10% more than Indian tycoon Subrata Roy paid for the building in 2010. Roy who built a billion-pound media and property empire was jailed for contempt of court last year after failing to show up and defend himself against fraud allegations. He had failed to return some £2.0billion to investors who were sold illegal bonds.
Administrators will work with Jones Lang LaSalle (JLL) to find a buyer for the Hotel, which boasts 420 rooms, 74 suites, 27 meeting rooms and the largest five-star ballroom in Europe.
