Sahara buys New York’s The Plaza Hotel for $570 million

The Sahara Group has bought a controlling stake in New York’s iconic Plaza Hotel for $570 million. This is Sahara Group’s 2^nd international acquisition in last couple of year. Earlier it bought the London hotel Grosvenor House for £470 million.

The Plaza New York has over 282 rooms and 152 private condos. This 105-year-old luxury hotel is overlooking New York’s Central Park, was jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co.

Elad, controlled by Israeli businessman Yitzhak Tshuva, said it would receive 1.6 billion shekels ($400 million) for its 60 per cent stake, while Kingdom will receive the rest.