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An iconic London landmark, the Grosvenor House Hotel, has been put up for sale after its owner was placed into administration by creditors.

The five-star hotel, ideally situated on Park Lane across from Hyde Park, boasts 420 rooms, 74 suites and one of the largest ballrooms in Europe.

Purchased by Indian conglomerate Sahara for £470 million in 2010, the company is now attempting to sell off the property, reportedly in order to raise funds for its jailed boss.  

London's iconic Grosvenor House Hotel is up for sale after its own was placed into administration by creditors

Sahara's purchase of the property from the Royal Bank of Scotland was record-breaking for the hospitality industry at the time and the hotel is expected to fetch even more now.

Administrators from Deloitte are working with Jones Lang LaSalle (JLL) to find a buyer after Sahara defaulted on debts.

Any sale, however, will not effect the current operating lease with Marriott.

In a statement provided to MailOnline Travel, a spokesperson for Marriott Hotels said: 'Marriott International has a long term lease agreement to operate Grosvenor House, A JW Marriott Hotel and is not directly involved in the sale or ownership of the building. 

'The hotel will continue to be managed by Marriott under the terms of our existing management agreement and will continue to operate at the same high level of service that our JW Marriott guests have come to expect.' 

The property first opened its doors in 1929 and boasts 27 meeting rooms, over 400 guest rooms and one of the largest ballroom's in Europe

The Great Room once housed an ice rink where Queen Elizabeth II took skating lessons, but it was turned into a banqueting space in 1934

The hotel's Great Room, which once housed an ice rink, is still one of the the capital's largest.

In fact, Queen Elizabeth II herself learned how to ice skate on the rink, but it was turned into a banqueting space in 1934.

Since then, many high-profile events have been hosted at the hotel, such as last year's Q Awards, with Ed Sheeran and Sam Smith in attendance, and past BAFTA ceremonies.

The grand hotel, located on Park Lane across from Hyde Park, has played host to a variety of high profile events like last year's Q Awards

Aside from it's 420 well-appointed guest rooms, the property also offers 74 luxurious suites, decorated in calming beige and grey tones

Indian conglomerate, Sahara, purchased the hotel from the Royal Bank of Scotland in 2010 for a whopping £470 million

Since being purchased by Sahara over five years ago, the owner of parent company Sahara India Pariwar group, Subrata Roy, has been jailed for contempt of court after failing to return more than 200 billion rupees to investors. 

Those involved with the sale have reason to believe that the property will generate significant interest.

Mark Wynne-Smith, global chief executive at JLL hotels and hospitality group, told the Telegraph: 'The last hotel transaction on Park Lane took place two years ago and the market has strengthened since then.' 

The company has opted to put the property up for sale in hopes of raising funds to be put toward the £1 billion bail for its jailed boss 

The administrators, Deloitte, along with JLL are overseeing the sale, which they believe will generate a great deal of interest

Just how much the landmark hotel will bring in remains to be seen, though the 2010 purchase did fall short of the £600m price tag that was discussed at the time.

Aside from The Great Room, which can seat up to 2,000 delegates, the hotel also includes 27 meeting rooms, and, more importantly, boasts a storied past. 

The historic hotel first opened its doors on May 14, 1929.