Subrata Roy, Chairman, Sahara India Pariwar is poised to clinch a Rs 445 crore deal to acquire Sant Singh Chatwal's Vikram Chatwal Hotels portfolio's flagship hotel Dream Dowtown in New York. As per sources, Roy has made a formal offer for acquiring 85 per cent stake in the hotel,
which is valued at USD 100 million. The Chatwal Group is expected to retain the remaining 15 per cent share in the hotel. The investment is being made through Sahara Group's subsidiary Aamby Valley Ltd, which is registered in Mauritius. The negotiations are reported to be at an advanced stage and a final deal is expected to come through by month-end, said a report by India Today. The existing franchise agreement with the Wyndham Hotel Group to run Dream Downtown will continue to remain in place even after Roy takes over the hotel. The hotel offers 315 rooms, an expansive rooftop lounge, a beach club and extensive fitness facilities with spa services. The property also has a retail facility and food and beverages facilities attached to it which will be run on a 50 per cent profit-sharing basis with the Chatwal Group, informed the report. Furthermore, the Sahara Group has begun discussions for buying the The Plaza in New York, owned by Israel-based El Ad Group. Sources said that Aamby Valley Ltd has sent a 'heads of terms' letter to the El Ad Group valuing the property at USD 575 million. Subrata Roy is reported to have made an all-cash offer for the 20-storey hotel on an 'as is' basis and with no debt on its books. The main hotel and its condo units are being managed by Fairmount Hotels. The Sahara Group, however, does not want to continue with this arrangement, said the report. It has, therefore, informed El Ad Group that the management agreement with Fairmount will have to be ended once the Sahara Group takes over the property. This is in contrast with the deal being worked out with the Chatwal Group, where the existing franchise agreement with the Wyndham Hotel Group to run Dream Downtown will remain in place even after the Sahara Group acquires the hotel.
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which is valued at USD 100 million. The Chatwal Group is expected to retain the remaining 15 per cent share in the hotel. The investment is being made through Sahara Group's subsidiary Aamby Valley Ltd, which is registered in Mauritius. The negotiations are reported to be at an advanced stage and a final deal is expected to come through by month-end, said a report by India Today. The existing franchise agreement with the Wyndham Hotel Group to run Dream Downtown will continue to remain in place even after Roy takes over the hotel. The hotel offers 315 rooms, an expansive rooftop lounge, a beach club and extensive fitness facilities with spa services. The property also has a retail facility and food and beverages facilities attached to it which will be run on a 50 per cent profit-sharing basis with the Chatwal Group, informed the report. Furthermore, the Sahara Group has begun discussions for buying the The Plaza in New York, owned by Israel-based El Ad Group. Sources said that Aamby Valley Ltd has sent a 'heads of terms' letter to the El Ad Group valuing the property at USD 575 million. Subrata Roy is reported to have made an all-cash offer for the 20-storey hotel on an 'as is' basis and with no debt on its books. The main hotel and its condo units are being managed by Fairmount Hotels. The Sahara Group, however, does not want to continue with this arrangement, said the report. It has, therefore, informed El Ad Group that the management agreement with Fairmount will have to be ended once the Sahara Group takes over the property. This is in contrast with the deal being worked out with the Chatwal Group, where the existing franchise agreement with the Wyndham Hotel Group to run Dream Downtown will remain in place even after the Sahara Group acquires the hotel.
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