India-based conglomerate Sahara India Pariwar has completed the acquisition of the iconic Grosvenor House Hotel in Mayfair, London.

Located on Park Lane, the property has been sold by The Royal Bank of Scotland Group for a reported £470m.

Grosvenor House Hotel is currently run by Marriott International under the JW Marriott brand, but is now set to be jointly run with Sahara India Pariwar.

In addition to the 420 bedrooms and 74 suites, the property features 4,000sq m (43,056sq ft) of meeting space and the Great Room banqueting space.

Sahara India Pariwar chair Subrata Roy Sahara said: "This acquisition is a part of the major expansion plans of the group.

"In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures, internationally."

It has also been reported that Sahara India Pariwar is planning to add a restaurant, a nightclub, a spa and a swimming pool to the Grosvenor House Hotel's facilities.

Richard Lewczynski of Blandford Goldsmith brokered the deal.