Sahara Group Buys New York's Plaza Hotel for $570 million

By SiliconIndia   |   Tuesday, 31 July 2012, 11:21 Hrs   |    1 Comments
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Bangalore: Sahara Group will be buying a major stake of $570 million (Rs 3100 crore) in Plaza Hotel, New York, said Elad properties, a real Estate company owned by an Israel group, reports Reuters.

Plaza Hotel is a landmark 20-story luxury hotel with 130 rooms and is jointly owned by Elad Properties and Saudi-based Kingdom Holdings Company.

Yitzhak Tshuva, an Israili businessman who is the governing head of Elad Properties told that they will be getting an amount of $400 million, for its 60 percent stake and the rest will be taken by Kingdom Company.

Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh and is controlled by Prince Al-Waleed bin Talal. According to sources,  Fairmont Hotels & Resorts Inc, which is managing the hotel for the last many years, will continue to operate it.

This is the second time Sahara group is acquiring a prominent hotel, after it recently purchased the famous Grosvenor House Hotel in London for an amount of 470 million pounds.

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