Here's the headline at the International Business Times, India edition (Bangalore):
Sahara Group To Acquire New York's Plaza Hotel
Sahara Group is planning to acquire New York's Plaza Hotel for $570Mn, according to BS.I'm assuming BS is the Business Standard and not editorial commentary.
Post acquisition, Sahara will hold a 75% stake in Plaza, while the remaining will be held by Saudi billionaire Prince Alwaleed bin Talal's - Kingdom Holding, which owns 40% stake.
Under the deal, Fairmont Hotels & Resort, will continue to operate the Plaza for two years before handing over control to Sahara.
Incorporated in 1907 and designed by Henry Jneway Hardenbergh, Plaza is owned by Israel based- Elad Properties a real estate company and Saudi-based Kingdom Holdings Co. The hotel has been managed by Fairmont Hotels & Resorts Inc since 1999. The hotel offers 282 guest rooms including 102 suites....MORE