
The Sahara Group, which recently acquired a 75% controlling stake in the renowned New York Plaza Hotel, is planning to purchase a majority stake in the Beverly Hilton for $340 million.
The group, owned by Indian business magnate Subrata Roy Sahara, has confirmed it is currently in talks with US-based Oasis West Reality to buy a 55% stake in the 570-room Beverly Hilton hotel in Los Angeles. The iconic 57-year-old establishment hosts numerous red carpets events around the year, most notably the Golden Globe Awards."They had approached us some time ago and we are in negotiations," confirmed Subrata Roy. Oasis has been searching for an equity partner to fund expansion plans since 2011. The group wishes to add a 170-room, five-star hotel and a 150-condos residential tower to the property, to be managed by Hilton under the Waldorf Astoria brand.Sahara’s hotel portfolio has been rapidly expanding with its recent acquisition of a stake in the New York’s Plaza Hotel and London’s Grosvenor House. The company is also eyeing palace properties in France and Marriott Group’s UK portfolio.
