RBS sells Grosvenor House for £470m

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London's grosvenor House hotel has been bought by Sahara India in a £470m deal.

The Indian conglomerate said its Aamby Valley unit had purchased the 420-room hotel, one of the capital's best-known landmarks, from the Royal Bank of Scotland.

Located on London's Park Lane, the hotel will be jointly managed by Sahara, which also runs the Sahara Star hotel in Mumbai, and its current operator, Marriott International.