Photo: Wikimedia Commons
The Plaza Hotel has finally sold to Sahara India Pariwar of Lucknow for $570 million, according to The New York Times. The hotel was originally asking $600 million.The Plaza started converting into condominiums, and it took nearly seven years to finish all the units. The buyers spent around $50 million on units, and once they moved in complained about the quality of renovations.
The hotel will continue to be managed by Fairmont Hotels & Resorts, but the Sahara Group will take the controlling stake in the property. Talks with the Sahara Group were reported as early as April.
It’s also rumoured the Sahara Group will add another Manhattan property to its portfolio, and acquire The Dream Downtown Hotel.
The Plaza Hotel first opened its doors in 1907. Alfred Gwynne Vanderbilt, heir to the Vanderbilt industrial empire, was the first guest to ever stay in the luxurious hotel. Marilyn Monroe and The Beatles are also among some of the famous guests who stayed at the hotel.
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