Indian diversified group Sahara has diregarded a $1.3 billion UK-Saudi bid received for its three hotels in London and New York as 'baseless', stating that it values the assets lower than the market price, said a report.

The Subrata Roy-led group, which owns Grosvenor House Hotel in London along with Plaza and Dream Downtown hotels in New York, had received the proposal from a consortium of London-based family office 3 Associates and a family office each in Saudi Arabia and UAE, said a report in Economic Times.

The new offer may spark a bidding war as Sahara Group is reportedly in talks with Qatari investors over a potential deal.
 
A Sahara spokesman commented on the situation saying: It is a devious attempt to benchmark the price much lower than the actual market value of the properties in order to ruin the market and disturb the sentiments of the actual bidders who are bidding at market value which is much higher. Please note it is a malicious, and non-serious act of some wrong people."

Jesdev Saggar, managing director of 3 Associates said, "The Roy family are within rights to reject the bid and we will choose to ignore the emotionally charged responses."

Saggar said valuation was arrived at "with independent advice and within guideline set out by Supreme Court based on recent valuations published as guidance."