New York Plaza Hotel Sells to New Ownership Group for $570 Million

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New York’s prestigious Plaza Hotel has a new controlling ownership group. India’s Sahara Group has purchased a controlling stake in the hotel for $570 million.

The property is owned jointly by Israeli Elad Properties and Saudi Kingdom Holdings, and Fairmont Hotels and Resorts has been the operator of the 105 year-old landmark. Whle Elad will relinquish its stake in the hotel, Kingdom Holdings will maintain a 25 percent stake in the building.

Kingdom Holdings and Sahara Group say Fairmont will still operate the hotel once the deal is complete. Fairmont has run The Plaza Hotel since 1999.

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Source: reuters.com; Photo courtesy of the Plaza Hotel