The majority owner of The Plaza Hotel in New York is close to the finish line on a deal to sell its stakes in the landmarked property to the Sahara India Pariwar conglomerate for $450 million.
According to a report in New York Post, John A. Fox of PKF Consulting,not involved in the transacion, said, “It’s a world-class asset and with one exception — the Waldorf-Astoria — is the most famous in New York and around the world, and those kinds of assets don’t come on the market that often.” Sahara was reportedly to pay $200 million for all the luxury retail and commercial space that includes shops, club and restaurants that are entirely owned by Yitzhak Tshuva’s private US real estate venture, The Elad Group. Sahara that earlier made a 10 percent deposit, was to pay another $400 million for the hotel and public areas. However those 130 hotel rooms and public spaces are held on a 50/50 basis by Elad and Saudi Prince Alwaleed Bin Talal’s Kingdom Holdings, which also owns 25 percent of the 100 rooms that were resold as condos and are rented out as hotel rooms. According to sources, Elad is now expected to sell Sahara just its stakes with Kingdom remaining in a partnership. Kingdom also owns a stake in Fairmont Hotels & Resorts, the Plaza’s management operator, which Sahara wanted to terminate in favor of its own management. It is unclear if the prince agreed to that move. The company led by Subrata Roy Sahara, paid $726 million for London’s Grosvenor House hotel in 2010 and owns the Sahara Star in Mumbai along with entertainment, real estate, sports, and other ventures that made it the second-largest employer in India last year.
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