It looks like Saudi billionaire Prince Alwaleed Bin Talal is not the only one interested in The Plaza hotel.
A group of investors that includes Pras Michel of the hip-hop group The Fugees and New York sports agent David Sugarman is also looking to take the hotel off majority stakeholder Sahara Group’s hands, according to The Wall Street Journal.
That’s because Sahara’s founder and chairman, Subrata Roy, is in jail right now and needs to raise money for bail.
He was arrested in February in the midst of an invester fraud court case in India, after failing to turn up for a hearing.
Now his conglomerate, Sahara Group, is looking to refinance its 75 per cent stake in the property rather than sell it, according to the Journal.
Mirach Capital, the investors group, which is funded largely by a wealthy Indian family, has already agreed to lend $US1.55 billion to Sahara, $US900 million of which will go to debt refinancing. The rest will likely go toward Roy’s bail.
But Mirach has made it clear their end goal is to own The Plaza, as well as two other hotels that Sahara currently owns.
Meanwhile, it’s still unclear whether Prince Alwaleed, who currently owns the other 25 per cent of the hotel, will make a deal with Mirach – or whether he’s made a formal offer for Roy’s stake in the property.