Business

Sahara checks into iconic New York hotel

For $570 million (Rs. 3,172 crore), Sahara is buying a slice of history. The group has agreed to purchase a controlling stake in New York's landmark Plaza Hotel - a 105-year-old property that was once famously owned by tycoons Conrad Hilton and Donald Trump.

Elad Properties, which jointly owns the hotel along with Saudi-based Kingdom Holdings, confirmed the purchase in a statement. The deal comes a year after Sahara bought London's Grosvenor House hotel.

The hotel opened in 1907 and cost $12.5 million (Rs. 69.4 crore) to construct. At the time, a room cost $2.50 (Rs. 140) per night. Today, it costs upwards of $695 (Rs. 38,700). It was grated landmark status in 1969.

 

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