
The Sahara Group, owned by Indian business magnate Subrata Roy Sahara, has bought a 75% controlling stake in New York City’s Plaza Hotel for US$570 million.
The 105-year-old luxury hotel is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co. Elad properties said Fairmont Hotels & Resorts, which has managed the hotel since 1999, will continue to do so for at least two more years.Elad, controlled by Israeli businessman Yitzhak Tshuva, said it would receive 1.6 billion shekels ($400 million) for its 60 percent stake, while Kingdom Holdings would receive the rest.In December 2010, Sahara India subsidiary Amby Valley purchased London’s Grosvenor House hotel from the Royal Bank of Scotland for £470 million. At that time, Sahara had said the acquisition of the London hotel would help the group establish its foothold in the international luxury hotel market.
