Sahara eyes stake in LA's Beverly Hilton: Report

Aug 15, 2012 |

Reuters

mumbai

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Sahara Group is in talks with U.S.-based Oasis West Realty to buy a majority stake in the Beverly Hilton hotel in Los Angeles for about Rs 19 billion ($341 million), a major daily reported on Wednesday.

Beny Alagem, the Israeli-American owner of Beverly Hilton, which hosts the Golden Globe Awards, had approached Sahara to sell a 55-per cent stake, the newspaper reported, quoting a person with knowledge of the development.

"They had approached us some time ago and we are in negotiations," Sahara chairman Subrata Roy later told the newspaper.

Oasis and Sahara officials could not be reached for comment.

Sahara, which has interests in media, finance and real estate and sponsors the Indian cricket team, recently bought a controlling stake in New York's Plaza Hotel for $570 million. It also owns London's Grosvenor House Hotel.

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