Sahara India would acquire 85 per cent in Dream Downtown
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Sahara India would acquire 85 per cent in Dream Downtown
 
Sahara India would acquire 85 per cent in Dream Downtown

Subrata Roy, Chairman, Sahara India Pariwar is poised to clinch a Rs 445 crore deal to acquire Sant Singh Chatwal's Vikram Chatwal Hotels portfolios 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 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.
Posted On : 09 Apr 12
Sahara India would acquire 85 per cent in Dream Downtown
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