1 month ago 06th Oct 14:00
Bahrain's royal family is reportedly set to buy a top London hotel.
Rich sheikhs from the Middle Eastern country are said to have their sights set on Grosvenor House, a five-star luxury establishment in London's Mayfair currently owned by the Royal Bank of Scotland.
The family - which already owns the nearby Four Seasons in Park Lane - is thought to be considering an offer of £720million for the 494-bedroom property.
Grosvenor House has recently undergone a £100million makeover.
The investors have got a better opportunity as they are the only buyers in the market with cash.
A property source is quoted in Britain's The Daily Telegraph newspaper as saying: "Middle Eastern investors have come to the fore recently because their competitors - the debt buyers - have all fallen away.
"The investors have got a better opportunity as they are the only buyers in the market with cash."
A spokesman for the Royal Bank of Scotland has played down reports they are in negotiations with the family, but said the bank would consider selling.
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