Sahara Group buys New York’s Plaza Hotel for $570 million

Sahara Group buys New York’s Plaza Hotel for $570 million Zeebiz Bureau

New York: New York’s 105-year-old Plaza Hotel has been sold to the Sahara Group for USD 570 million, Elad Properties, an Israeli-based real estate company, said on Monday.

Sahara has agreed to buy controlling stakes in the Plaza Hotel which is jointly owned by Elad Properties and Saudi-based Kingdom Holdings Co.

The governing head of Elad Properties Yitzhak Tshuva said his company will get 1.6 billion shekels for its 60 percent stake while Kingdom will receive the rest.

Kingdom, run by Saudi billionaire Prince Alwaleed bin Talal, will have 25 percent hold in the stake once the deal is completed.

Elad said Fairmont Hotels & Resorts Inc, which has managed the hotel since 1999 and which is owned by the Saudi prince, will continue to operate the property.


With Agency Inputs