Subrata Roy-promoted Sahara Group has acquired two iconic New York hotels - The Plaza Hotel and Dream New York - both based near Manhattan's Central Park, for around USD 800 million. The Sahara Group, which had acquired Grosvenor House in London in 2010, is said to be now looking at picking up some other landmark properties in New York to build up a portfolio of luxury hotels.
According to sources, the Group will acquire a 75 per cent stake in The Plaza Hotel for USD 570 million, while Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 per cent stake after a transaction. Similarly, Sahara has bought Dream New York, owned by celebrated New York hotelier, Vikram Chatwal, for USD 220 million. Both hotels would continue to be looked after by their existing management, according to a report by Piyush Pandey in The Economic Times.
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According to sources, the Group will acquire a 75 per cent stake in The Plaza Hotel for USD 570 million, while Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 per cent stake after a transaction. Similarly, Sahara has bought Dream New York, owned by celebrated New York hotelier, Vikram Chatwal, for USD 220 million. Both hotels would continue to be looked after by their existing management, according to a report by Piyush Pandey in The Economic Times.
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