Sahara Group Sells The Plaza Hotel

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The sale of The Plaza Hotel may have been unexpected for some, considering the short amount of time the Sahara Group has held ownership over the hotel which they purchased last November. The Mumbai-based group has been reported to be undergoing financial complications internationally; therefore they have decided to sell the Plaza Hotel, Dream Downtown and London’s Grosvenor House.

The Times of India reported that Sahara has already received a $1.6 billion offer from a Mideast group that remains unidentified. Sant Chatwal’s Hampshire Hotel Management has a contract to run the Plaza’s Oak room, Oak Bar and Palm Court. Chef Geoffrey Zakarian has been positioned as the head of the project by Hampshire. The Plaza itself is operated by Fairmont and the Dream Downtown is operated by Hampshire, however there is no word on what the next step will be in terms of management of the hotels.

The New York Post reports CBRE Hotels vice-president Bradley Burwell, a hotel sale broker who is not involved with the Plaza sale, as saying he “would assume they’d want to operate the Plaza their own way—possibly with new management.”

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Photo courtesy of: wirednewyork.com

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