Ashkenazy Takes Ownership of London’s Grosvenor House

The iconic Grosvenor House was built in 1929.

LONDON—Ashkenazy Acquisition Corp., which plans to deploy over two billion euros on “global iconic assets” over the next 24 months, said Friday it had acquired the Grosvenor House hotel in London’s upscale Mayfair district. Deal terms were not disclosed; however, published reports over the past year have estimated that a sale of the landmark hostelry could be valued in excess of £500 million, or about US$650 million. The Financial Express reported last month that the property had traded for £575 million (US$741 million) to GH Equity UK.

Along with that of the Plaza Hotel in New York City, where Ashkenazy is headquartered, ownership of Grosvenor House has been in a state of flux since 2014. At that time, chairman Subrata Roy of Sahara India Pariwar was imprisoned for defrauding Indian investors, and the company defaulted on its debt soon thereafter.