London: Billionaire brothers David and Simon Reuben have come to the rescue of Subrata Roy's Sahara group. The duo has attained control of the Sahara's iconic Grosvenor House hotel and the two US properties -Plaza and Dream Downtown - in an $850 million (Rs 5,500 crore) debt refinance deal.

The Sahara Group has not revealed anything officially.

The Sunday Times reported that Reuben brothers "have taken control of the Grosvenor House in London and two other luxury hotels in New York through a $850 million debt deal."

The lender of the Grosvenor House hotel, Bank of China earlier put it on sale this year after a 'technical default'.

The Sahara Group has been attempting to raise funds for the release of its chief Subrata Roy, who has been stuck in Tihar Jail for over a year.

For recovery of the loans, Bank of China held Grosvenor House under "administration" early in March, while Deloitte and realty consultant JLL were instructed to look for a buyer.

The refinancing arrangements by Sahara included getting a fresh loan for the three properties. A part of the earnings would be given to Bank of China for discharge of Grosvenor House from "administration". The remainder will be placed with Sebi for the release of Roy and two other top officials.

The three hotels were attained between 2010-12 at an estimated cost of $1.55 billion.