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The Indian buyer's $600 million takeover of landmark plaza hotel in New York

Date: 2014-12-28

Israel, Mr Rudd Group (Elad Group) is the Sahara enterprise Group with India (Sahara India Pariwar) to sell its own New York landmark Plaza Hotel (Plaza Hotel) shares trading agreement.Plaza hotel, meanwhile, another shareholder, Saudi Arabia, Prince of billionaire walid o (Prince Alwaleed Bin Talal) of Kingdom Holding (Holding Co.) after the deal will retain a 25% stake.


, according to sources familiar with the Sahara enterprise group has been in the price of $575 million from Mr Rudd group and kingdom holding acquired the ownership of the plaza hotel, signed a letter of intent.In this step is completed, the equity of kingdom holding will buy back part of the plaza hotel.
59th street plaza hotel is located in the United States New York, and central park across the street, the east general square, plaza hotel has hundreds of years of history, is a landmark building in New York.Plaza hotel in New York for the opening up has always been a celebrity figure at the land, is also thought to be synonymous with celebrities.Sources said the Sahara enterprise group in April this year proposed takeover bid plaza hotel, but because the company hope to take over the right to run the plaza hotel, so both sides of the negotiations have been very close.
If all goes well, the deal is expected to be completed in early July.Controlled by kingdom holds a stake in Fairmont Hotels and Resorts (Fairmont Hotels & Resorts) will continue to operate plaza hotel at least two years.Sources said, kingdom holding hold plaza 130 hotel rooms and public areas a stake of 50%, while 25% stake has 100 hotel rooms of property type.In the completion of the deal, kingdom holding will receive a 25% stake in the square hotel.
The founder of the Hilton Conrad Hilton in 1943, spent $7.4 million on plaza hotel, then a $6 million renovation hotel.Hilton plaza hotel called America's most fashionable, most beautiful of the hotel.He then bought a waldorf - aspen Andrea doria hotel after sell plaza hotel.
In 1985, the United States, Japan, Britain, France, west Germany 5 industrial developed countries finance ministers and central bank governors in secret meeting and signed the famous plaza hotel the plaza accord, joint intervention in currency markets, lower dollar currency price comparison to several other countries.
Property tycoon Donald trump in 1988 at a cost of $407.5 million to buy the plaza hotel, in 1995 will be the trump plaza hotel thought that the price of 325 million dollar sale to Saudi Arabia's prince waleed.In 2004, the plaza hotel again for $675 million was sold to Israel Mr Rudd property company.