Indian conglomerate Sahara India Pariwar announced that it closed its purchase of a 75% stake in New York City’s fabled The Plaza hotel for a total of US$570 million.
The acquisition of the take in the 282-room hotel was announced in July.
Israeli-owned Elad Properties will receive 60% of the purchase price (US$400 million) after buying the icon in 2004 for US$675 million. The remainder of the proceeds goes to minority owner Saudi Prince Alwaleed of Kingdom Holdings, which will continue to hold a 25% stake in the hotel once the deal is completed.
Fairmont Hotels & Resorts will continue to operate The Plaza under a long-term management agreement.
The 282-room hotel with 152 condo units overlooking Central Park underwent a US$400 million renovation that between 2005 and 2008. The hotel was built for US$12.5 million when it opened in 1907.
