Sahara India is understood to have acquired 75% stake in the Plaza Hotel in New York.
Media reports said Subrata Roy-promoted Sahara paid $575 million for the 75% take and the remaining 25% is held by Kingdom Holding Co, a firm controlled by Saudi prince Alwaleed bin Talal.
Fairmont Hotels & Resorts, which manages the property, confirmed the change in the ownership but did not elaborate on the financial details of the transaction.
"The Plaza, a Fairmont Managed Hotel has had a recent change in ownership, which remains committed to the hotel...," Fairmont Hotels & Resorts Public Relations Executive Director Lori Holland said.
"The hotel is currently owned by Sahara India Pariwar, an India-based conglomerate and Kingdom Holding Company, chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and a shareholder of parent company Fairmont Raffles Hotels Inc," she added.
When contacted on the development, a Sahara India Pariwar spokesperson declined to comment.
The Plaza would continue to be manged by Fairmont Hotels & Resorts.
"We look forward to working with our new owners in building upon the stature and success of the hotel and defining the future vision of The Plaza, a global hospitality landmark," Holland said.
When asked about the details of transaction, Holland said: "Fairmont Hotels & Resorts is the operator of the hotel, and as such we do not comment on the business details of our owners."
