New York’s Plaza Hotel will be sold in a transaction that values the 105-year-old icon at about $760 million.
Sahara India Pariwar agreed to buy a 75% stake the Plaza for $570 million. Elad is selling its 60% stake, while Saudi Arabia-based Kingdom Holdings will keep a 25% stake.
India’s Economic Times reported in April that Sahara India Pariwar was in talks to buy the property for about $600 million.
Fairmont Hotels & Resorts, which has managed the property since 1999, will continue to oversee operations.
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.
The property has 130 hotel rooms and 100 condos.
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