A majority stake of New York’s Plaza Hotel was acquired by Sahara India Pariwar from Elad Group, in a deal that was first reported this summer.
Fairmont Hotels & Resorts, which has managed the Plaza since 1999, will continue to do so.
Sahara India Pariwar agreed to buy a 75% stake in the Plaza, which includes 130 hotel rooms, 100 condominiums and retail space. Saudi Arabia-based Kingdom Holding Co. will keep a 25% stake in the property. (Kingdom is one of Fairmont's shareholders.)
Elad Group, a division of Israel-based Tshuva Group, acquired the Plaza in 2004 for $675 million and spent another $400 million renovating the property before selling off some of the condominiums.
The Plaza, which was built in 1907 and overlooks Central Park, is the only New York City hotel that’s been named a National Historic Landmark.
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