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Sahara buys majority stake in New York's Plaza Hotel

According to reports, the company paid $575 mn for the acquisition

Read more on:    Sahara India | Stake Buy | Plaza Hotel
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is understood to have acquired 75% stake in the 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."

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