India's Sahara Group is eyeing New York City's iconic Plaza Hotel after the Israeli owners at El Ad Properties have offered to sell the landmark for $600 million.
According to the Economic Times, Sahara has already paid a 10 percent down payment for the 105-year-old building following exclusive negotiations between the two real-estate conglomerates. And Sahara's founder, Subrata Roy, has made an all-cash offer through Aamby, a Mauritius-based subsidiary, according to the India Times. Roy also owns a five-star Mumbai hotel, a cricket team, TV channels in India and number of other real estate projects. In 2010, he acquired London's Grosveno House hotel for $726 million.
The details of the deal have cited $400 million for the hotel section of the Plaza, which includes 100 condo rooms and 130 large hotel rooms, and $200 million for the underground mall. Saudi Prince Alwaleed bin Talal owns 40 percent of the Plaza's rooms and is expected to sell his shares if the deal comes to fruition.
The Plaza has been put on the market three times since 1995. Before El Ad, Donald Trump and Conrad Hilton owned the historic hotel. Just last year, one of the condos in the Plaza was sold for $48 million to Russian composer Igor Krutoy.
SOURCE IBTimes
