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Subrata Roy's Sahara buys Plaza Hotel in New York for $575 million

Subrata Roy's Sahara buys Plaza Hotel in New York for $575 million

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New Delhi:

Sahara India is understood to have acquired 75 per cent stake in the Plaza Hotel in New York. Media reports said Subrata Roy-promoted Sahara paid $575 million (about Rs 3,000 crore) for the 75 per cent stake, while the remaining 25 per cent is held by Kingdom Holding Co, a firm controlled by Saudi prince Alwaleed bin Talal.

Fairmont Hotels & Resorts, which manages the property, confirmed the change in the ownership but did not elaborate on the financial details of the transaction.

"The Plaza, a Fairmont Managed Hotel has had a recent change in ownership, which remains committed to the hotel...," Fairmont Hotels & Resorts Public Relations Executive Director Lori Holland told PTI in an e-mailed response.

"The hotel is currently owned by Sahara India Pariwar, an India-based conglomerate and Kingdom Holding Company, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and a shareholder of parent company Fairmont Raffles Hotels Inc," she added.

When contacted on the development, a Sahara India Pariwar spokesperson declined to comment.

The Plaza would continue to be manged by Fairmont Hotels & Resorts.

"We look forward to working with our new owners in building upon the stature and success of the hotel and
defining the future vision of The Plaza, a global hospitality landmark," Holland said.

When asked about the details of transaction, Holland said: "Fairmont Hotels & Resorts is the operator of the hotel, and as such we do not comment on the business details of our owners."

Story first published on: November 28, 2012 19:13 (IST)

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