NEW YORK
India's Sahara Group has agreed to buy a controlling stake in New York's landmark Plaza Hotel for $570 million, according to Elad Properties, an Israeli-owned real estate company.
The 105-year-old luxury hotel overlooking New York's Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co.
Elad will step aside while Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 percent stake once the deal is completed, Elad said in a statement.
Fairmont Hotels & Resorts, which has managed the hotel since 1999 and which is owned by the Saudi prince, will continue to operate the property, according to Elad.
