New York’s Plaza Hotel Sold to India’s Sahara Group for $570 Million
By James Shillinglaw
August 01, 2012 10:30 PM
New York City’s famed Plaza Hotel has been sold again, this time to India’s Sahara Group. Elad Properties, the real estate company owned by Israeli businessman Yitzhak Shiva, has sold its controlling stake in the Plaza for $570 million. Saudi Arabia’s Kingdom Holdings owns the rest. Once the deal is completed, Kingdom Holdings’ stake will be reduced to 25 percent. The hotel will continue to be managed by Fairmont Hotels & Resorts.
Sahara Group reportedly owns several other global hotel properties, including London’s Grosvenor House, which it bought for $726 million in 2010. The hotel is operated as a JW Marriott. In New York City, Sahara is reportedly about to buy the Dream Downtown Hotel from Sant Singh Chatwal, who owns a number of hotels in the city, including The Chatwal.