New York’s Plaza Hotel Sold to Indian Conglomerate Sahara Group

Posted by Rapti Gupta on Jan 28, 2013 11:17 AM EST
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The New York Plaza Hotel celebrated its 100th birthday with ceremonies and Fireworks in 2010. (Photo : wikipedia)

The Sahara India Pariwar, bought 75 percent stake in New York's Plaza Hotel owned by  Kingdom Holding, a retail group headed by Prince Alwaleed bin Talal of Saudi Arabia, for $575 million

The Sahara group, signed the deal in November 2012.

The Plaza Hotel is a landmark in Manhattan located just a street away from Broadway. The hotel was the home of Eloise, the fictional protagonist of the children's series with the same title. In addition to the fictional popularity, the hotel has also entertained famed personalities like the Beatles, Mark Twain and Eleanor Roosevelt.

Suites of the Plaza have been featured in movies like "Home Alone 2," " Scent of a Woman" and television series like "Friends" and "Sex and The City."

The hotel was built in 1907 and is a 20 story place, towering at 250 feet.  It had recently undergone a $450 million renovation and now reflects a contemporary spirit. The hotel provides 282 guestrooms along with 102 luxury suites. Despite the modern additions, the hotel's Champagne BarOak room and Oak bar and the elegant Rose Club maintain their traditional hue.

 The Plaza offers a mixed culture of old world charm blended with state-of-the-art amenities. It has a 24/7 butler service and iPads with complete internet access in each room for guests. The luxurious hotel is one of a kind and is a distinctive landmark of New York City.

The Sahara Group also purchased another New York Hotel in a separate deal. The conglomerate bought Hotel Dream New York for $220 million from famous hotelier, Vikram Chatwal, reported The Economic Times.

"This was a great opportunity for the buyer to expand into a key US market with the purchase of an irreplaceable asset," Greg Rice, head of Solid Rock real estate brokers, who handled the deal, told BBC News.

Sahara Group is one of the major conglomerates in India and operates in various sectors like finance, entertainment, healthcare and real estate.

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