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HindustanTimes Sat,25 Oct 2014

Sahara India Pariwar buys New York's Plaza Hotel

AP  Alex Veiga, November 29, 2012
First Published: 07:56 IST(29/11/2012) | Last Updated: 10:00 IST(29/11/2012)

Indian conglomerate Sahara India Pariwar now owns a majority stake in New York's Plaza Hotel, which is bought from Israeli real estate company El Ad US Holding Inc.

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El Ad CEO Udi Erez said Wednesday that the transaction, valued at $575 million, closed on Monday.

The deal, announced in July, gives Sahara India Pariwar a 75% interest in the Plaza Hotel and adjacent retail space.

Kingdom Holding Co., headed by Saudi billionaire Prince Alwaleed bin Talal, retains the remaining 25% stake in the property.

Fairmont Hotels & Resorts will continue to operate the hotel under a long-term agreement.

An email seeking comment from Sahara India Pariwar was not immediately returned.

The Plaza has a colorful past, having hosted guests such as Eleanor Roosevelt, The Beatles and Mark Twain.


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