The Sahara group on Wednesday rejected a new $1.3 billion offer from a group of investors for three of its prized overseas hotels, terming it a “devious attempt” to lower the price and disturb the sentiment of bidders making “much higher” offers.
In a strongly-worded reaction to the offer made by a group of family office investors, led by Jesdev Saggar-led 3 Associates, Sahara group said it was “a malicious and non-serious act of some wrong people”.
Sahara, however, did not disclose any details of the other offers it had got for the hotels.
Asked for comments on Sahara’s rejection, Saggar, Managing Director of 3 Associates said: “We have followed the process and submitted in a compliant manner. If the bid is rejected then they should use the same process to communicate.”
Earlier in the day, Saggar had said his proposal was a “very compelling offer” and that it was a long-term investment opportunity for them.
The consortium of family office investors, comprising of 3 Associates and others from the Middle East, has made the offer to acquire Sahara’s majority stake in the three marquee hotel properties — the famed Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York.
The Sahara group, whose chief Subrata Roy was in jail for over two years in connection with a long-running dispute with regulator SEBI and is currently out on parole, has been trying hard to raise funds including through refinancing of loans on its overseas hotels.