Sahara Acquires Two Renowned NY Hotels for $800 Million
Bangalore: Sahara Group has acquired two major iconic hotels in New York - New York Plaza and Dream New York for a massive figure of 4,400 crore ($800 million). Both the hotels are situated near Manhattan’s Central Park, which is a destination for socialites and celebrities.
The Subrata Roy-led Sahara Group will own 75 percent stake for $570 million in The Plaza Hotel which will include the entire hold of 60 percent held by Israeli entrepreneur Isaac Tshuva's Elad Properties, which values around $400 million; and also 15 percent from Kingdom Holdings, illicit by Prince Alwaleed bin Talal, for $170 million. The group is also paying $220 million for Dream Downtown which is bought from celebrated New York hotelier Vikram Chatwal.
The much diversified group Sahara India has many business ranges right from airlines, media and finance to luxury resorts. After this acquisition, Indian investors are hoping to get refund. On August 31, The Supreme Court had asked Sahara to repay the money which it had collected from 30 million people who had invested in optionally fully translatable debentures issued.