Sahara properties sold from Tihar Jail
There’s never quite been a sale like this before: three iconic hotel properties in New York and London being sold from inside Delhi’s Tihar Jail, known for having housed some of India’s most notorious criminals, and now Sahara Group chairman Subrata Roy.
His release on bail depends on how fast he can strike a deal for the sale of the properties, but there’s more to it than meets the eye. London’s Grosvenor House is a historic landmark, but it’s the other two—the iconic Plaza Hotel and the boutique-style Dream Hotel in downtown Manhattan—that have a strong Indian connection.
The Dream Hotel, a centrally-located hotel that attracts the Big Apple’s beautiful people, was the prized property of Vikram Chatwal Hotels, a spin-off from his father Sant Singh Chatwal Hampshire Hotels and Resorts.
The hotels have been sold off from Tihar jail where a conference room had been set up. This has taken some time but was done in order to relieve the group from the burden of debt which had left its owner in jail. The court has asked the investors to submit their claim so that things can get sorted out quickly.
Source: The Financial Express
