Sahara group/Sahara India Pariwar is an Indian conglomerate is into various business interests. Like- Media & Entertainment, Finance, Infrastructure & housing, Manufacturing & IT, Hotels and others. Sahara group has sold its luxurious hotel Grosvenor House in London, and the other properties ‘The Plaza’, ‘Dream Downtown’ are operated by other leading hospitality chains. While Sahara Star is the only flagship property hotels managed by Sahara group, Mumbai. In 2002, the hotel was acquired by Sahara group near to the Mumbai domestic airport at Ville Parle. The five-star deluxe hotel has an average of 80% occupancy, and it has 400 rooms with five full-service restaurants. It also can accommodate 4500 people for any event in its 6 Banquet Halls.
But now, based on the recent discussions with media, Sahara says its operations would no more be taken care by the in-house team, rather it would be outsourced and will be handled by part of the JT group(Jewel Trendz) which is Real Infra Trendz. Meanwhile, the CEO of Hotel Sahara star, Mr. Vivek Kumar quit the work. He has been a great support to the organization since 2003. In one of the celebrations of Sahara 8th Realty Plus conclave & Excellence awards, he has been acknowledged for the efforts, hard work, and achievements. He always put together his team and encouraged and also thanked for bringing the organization to next levels. Though there are no particular reasons, it is considered that due to his personal agendas, he called off and resigned from the CEO post.
JLL, a global real estate consultancy organization is been hired by Sahara Group for its iconic 110-year-old ‘The Plaza’ hotel sale in the U.S., and this values more than $500 million. And the major stake is occupied and owned by Sahara. Based on wall street journal reports, it was once owned by Donald Trump before he became the President of U.S.
According to SEBI’s claims, Sahara Group has to repay the amount that was taken from investors which is around Rs. 37,000 Crore for which they were been given the deadlines by Supreme court. In September, the deadline was again postponed to next 18 months to repay.