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Sahara Group hires brokers to sell its prized property, New York’s Plaza Hotel

Sahara Group, which acquired a majority stake in the hotel in 2012, is looking for buyers.

business Updated: Aug 22, 2017 19:15 IST
Sahara Group,Plaza Hotel,JLL Hotels and Hospitality Group
The iconic Plaza Hotel in New York.

The Sahara Group has hired a broker to sell New York’s iconic Plaza Hotel, in which it acquired a majority stake in 2012.

Subrata Roy’s Sahara Group has has enlisted JLL Hotels and Hospitality Group, a unit of real-estate firm JLL , to find a buyer, reports the Wall Street Journal. Sahara began looking for investors to buy out its stake in the hotel back in 2014, but hiring a broker is a sign that the group is serious about the deal.

The Plaza Hotel is one of the three prized overseas hotel assets owned by the debt-ridden Sahara group. It is unclear how much a landmark property like Plaza is worth, but some estimates suggest that it could be valued at $500 million dollars.

In 2017, market research group New World Wealth ranked Plaza Hotel second on its list of the hotels frequented by the super rich and glamorous. “The Plaza’s high place on the list is impressive considering it only has 280 rooms, which puts it at a disadvantage to larger hotels which can accommodate more guests in a year,” said the report.

But Plaza is more than a go-to destination for the world’s multimillionaires to relax. The opulent hotel, located near Central Park, has featured prominently in literature, movies and popular culture. It was the setting for the action in popular novel The Great Gatsby and its plush interiors can be spotted in popular movies such as North by Northwest, The Princess Diaries, Sleepless in Seattle , Home Alone 2, Bride Wars.

The trophy property has changed hands quite often. Previous owners include Conrad Hilton and Donald Trump, who famously compared it to the Mona Lisa.

According to the WSJ report, several real estate moguls and other hotel investors across the world have expressed an interest in buying Plaza, but the talks amounted to nothing.

First Published: Aug 22, 2017 19:14 IST