3 hotels can fetch Sahara maximum $1.67 bn: Mirach

As the blame-game continues over their floundered deal, US-based Mirach Capital has claimed that Sahara’s three overseas hotels can fetch a maximum $1.67 billion (about Rs 10,187 crore).

As the blame-game continues over their floundered deal, US-based Mirach Capital has claimed that Sahara’s three overseas hotels can fetch a maximum $1.67 billion (about Rs 10,187 crore).

“By conservative estimates, the three offshore properties could be worth $700 million and by best efforts basis as much as $1.67 billion collectively,” Mirach Capital CEO Saransh Sharma said.

Mirach had offered Sahara a loan of $1.5 billion (Rs 9,150 crore) against a collateral of the group’s premium hotels in New York and London, in order to repay investors — a pre-condition for giving jailed Sahara chief Subrata Roy bail.

The three iconic hotels —The Plaza and Dream Downtown in New York and Grosvenor House in London — were acquired by the Sahara group between 2010 and 2012 for an estimated $1.55 billion.

Market experts, however, peg the overseas hotels’ current valuation at upwards of $2.2 billion (about Rs 13,420 crore), after taking into account the appreciation in their values.

Sahara has accused Sharma, who was being seen as a white-knight arranging necessary funds for the group, of presenting forged documents to prove his ability to pay for the deal, a move seen by Mirach as a “breach of contract”.