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Legendary hotel changes hands
Monday, 08 Jan, 2013
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The Plaza Hotel has been sold to Indian billionaire Subrata Roy for $575 million dollars.
Subrata’s Sahara group purchased The Plaza from Israeli-owned realtor El Ad US Holdings. The hotel is still co-owned by Kingdom Holding Company, which retains a 25% stake in the property.
The vintage hotel. which was built in 1907, was renovated in 2008 and now contains 282 hotel rooms and 152 private condominium units. It is currently managed by Fairmont Hotels and Resorts.
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