Sahara India acquires majority stake in New York's Plaza Hotel

Sahara India is understood to have acquired 75 per cent stake in the Plaza Hotel in New York.

Media reports said Subrata Roy-promoted Sahara paid USD 575 million for the 75 per cent take and the remaining 25 per cent 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 told PTI in an e-mailed response.

"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."