By Mewati Sitaram
In a surprising turn of events, the iconic Hotel Sahara Star near Mumbai’s Chhatrapati Shivaji Maharaj International Airport (T1) may soon find itself under the ownership of the Adani Group. While there has been no official confirmation yet, a highly placed source privy to the development told this newspaper on condition of anonymity that “a formal announcement is expected soon.”
The speculative acquisition comes at a time when Sahara Star’s promoters are struggling with mounting financial stress. Lenders, including Union Bank of India and several other consortium members, have been actively seeking to recover more than ₹700 crore in outstanding loans linked to the hotel. With open auctions being considered to sell off the debt exposure, the interest of a conglomerate as powerful as Adani has injected fresh intrigue into the dealmaking process.
According to sources tracking the developments, several Asset Reconstruction Companies (ARCs), including ARCIL, Phoenix ARC, JM Financial ARC, and Edelweiss ARC, have already conducted due diligence and are in the process of submitting final bids. Nearly 18 institutions are said to be evaluating their offers. However, if the Adani Group is indeed in advanced negotiations, it could change the trajectory of the sale altogether—especially if a direct deal is struck with lenders to acquire the asset rather than the debt.
“The involvement of the Adani Group would certainly signal a strategic shift, moving beyond debt recovery to asset repositioning,” the source added.
Adani’s growing presence in infrastructure, real estate, and airport operations further fuels the plausibility of such an acquisition. With the group already managing several airports, including the one adjacent to Sahara Star, owning the hotel could prove synergistic for the conglomerate’s hospitality and airport verticals.
Ten months ago, vague online speculation had hinted at Adani’s interest in Sahara Star, but no evidence emerged to support it. The current whispers from credible quarters, however, have reignited curiosity around the fate of the landmark hotel.
Despite repeated attempts, neither the Adani Group nor Sahara Hospitality Ltd offered any comment on the matter. Until a formal announcement is made, the deal remains in the realm of speculation—but one that is gathering serious momentum.
If confirmed, the acquisition could be a landmark moment for the hospitality sector, signaling the Adani Group’s deeper push into premium hospitality assets strategically located near their core infrastructure holdings.
Flashback: Sahara Star began as the Centaur Hotel Mumbai Airport in the 1970s, developed by Hotel Corporation of India (HCI), a PSU and subsidiary of Air India. Ideally located at the gateway to Mumbai’s international airport, it was one of the city’s leading five-star properties. In June 2002, under the Atal Bihari Vajpayee government’s disinvestment programme, the hotel was sold to Batra Hospitality for ₹83 crore. Just four months later, Sahara India Group acquired it for ₹115 crore. The deal also included an adjacent IOC petrol pump, which later drew legal scrutiny.
Following the acquisition, Sahara India rebranded the property as Sahara Star and undertook a major redevelopment project. While the hotel’s iconic circular design was retained, the interiors were transformed to offer modern luxury. This transition—from a state-owned asset to a privately owned lifestyle destination—mirrored India’s liberalisation era and established Sahara Star as a distinctive landmark in Mumbai’s hospitality landscape.
Editor in Chief : Mewati SItaram
