The acquisition includes 230 hotel
rooms and retail space. Kingdom Holding Co., controlled by Saudi billionaire
Prince Alwaleed bin Talal, will retain its 25 percent stake in the property.
The iconic Plaza Hotel is located in Manhattan, adjacent to Central Park.
Notable guests of the Plaza over the years have included Eleanor Roosevelt, the
Beatles, Mark Twain and Groucho Marx.
“This was a great opportunity for the buyer to expand into a key U.S. market with the purchase of an irreplaceable asset, the Plaza Hotel,” said Solid Rock’s President Greg Rice. “The corner of 59th Street and Fifth Avenue is arguably one of the world’s most valuable pieces of real estate.”
“The New York City hotel real estate market remains one of the world’s most attractive investments. It is the world’s most liquid market and is excellent for capital preservation as it consistently outperforms inflation. There also is upside in the hotel market as it has not yet reached pre-recession levels,” Rice added. “While luxury hotels in New York City have been one of the harder hit segments of the hospitality industry, they will benefit from strong growth as room rates return to their peak levels.”
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, infrastructure and housing, print and television news media, entertainment channels, cinema production, consumer merchandise retail, health care, hospitality, manufacturing, sports and information technology.
“This was a great opportunity for the buyer to expand into a key U.S. market with the purchase of an irreplaceable asset, the Plaza Hotel,” said Solid Rock’s President Greg Rice. “The corner of 59th Street and Fifth Avenue is arguably one of the world’s most valuable pieces of real estate.”
“The New York City hotel real estate market remains one of the world’s most attractive investments. It is the world’s most liquid market and is excellent for capital preservation as it consistently outperforms inflation. There also is upside in the hotel market as it has not yet reached pre-recession levels,” Rice added. “While luxury hotels in New York City have been one of the harder hit segments of the hospitality industry, they will benefit from strong growth as room rates return to their peak levels.”
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, infrastructure and housing, print and television news media, entertainment channels, cinema production, consumer merchandise retail, health care, hospitality, manufacturing, sports and information technology.
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