India's Sahara Group is planning to acquire a majority stake in the Beverly Hilton Hotel, a move that will enhance its presence in the hospital sector.
Sahara Group is looking to acquire 55 per cent stake in Beverly Hilton Hotel for about $340 million from Oasis West Realty. The Beverly Hilton, which has 570 rooms, is located at the intersection of Wilshire and Santa Monica boulevards in Beverly Hills. The hotel was opened to guests in 1955 by Conrad Hilton and famous television personality Merv Griffin owned the hotel from 1987 to 2003.
The hotel had the privilege of hosting 175 red carpet events every year including the Golden Globe Awards. Oasis West Realty had acquired the stake in the hotel in 2003 for about $130 million and it invested about $ 80 million on improvements. Oasis West Realty is now planning to add a 170-room, five-star hotel and a 150-condos residential tower at the site that covers about nine-acres.
Sahara Group had earlier acquired controlling stake in New York's famed Plaza Hotel for $570 million. The group's hospitality sector also purchased 85% stake in Sant Singh Chatwal's flagship property Dream Downtown Hotel in New York and its subsidiary purchased Grosvenor House Hotel from the Royal Bank of Scotland for 470 million pounds.