Tuesday November 27th, 2012 - 11:17AM
NEW YORK—Sahara India Pariwar, an India-based conglomerate, has purchased 75% interest in the Plaza Hotel New York in New York City from El Ad US Holding, a real estate company. The total value of the sale is $575 million. Solid Rock Advisors, a real estate consulting firm specializing in luxury resort and hotel transactions, advised the seller.
Kingdom Holding Co., which is led by Saudi billionaire Prince Alwaleed bin Talal, retains 25% interest in the iconic hotel. Fairmont Hotels & Resorts will continue to operate the hotel under a long-term agreement.