Photo: Wikimedia Commons
A deal is currently in the works for the Sahara Group, an Indian company, to acquire the Plaza Hotel in New York City for $600 million, according to The Economic Times.The hotel, whose guests have included Marilyn Monroe and the Beatles, is being valued at $400 million. The shops at The Plaza, which have suffered due to light foot traffic as of late, are being valued at $200 million.
Buying the 105-year-old hotel could skyrocket the Sahara Group’s brand to the mainstream.
The hotel’s current owner, El Ad, which is controlled by Israeli billionaire Isaac Tshuva, purchased the hotel in 2004 for $675 million. The group then spent another $400 million on renovations, and parts of the building became luxury residential units. The hotel division’s management and operations were contracted out to Canada’s Fairmont Hotels & Resorts.
The Economic Times is reporting an advance on the hotel has already been paid.
[via The Real Deal]
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