Indian hoteliers eye growth overseas

As Indian economic growth slows and a wider perception of the slowdown grips the country, established and newer domestic hospitality companies are increasing the pace of their expansion overseas. The US$26 billion Sahara India conglomerate, for instance, is buying New York's iconic Plaza Hotel for US$570 million. The deal for the 282-room luxury hostelry, which underwent a $450-million makeover in 2008, will be the second major acquisition by Sahara India after it paid £470 million for Grosvenor House Hotel in December 2010.

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