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Plaza Hotel Could Sell For $600 Million To India's Sahara Group

Posted: 04/ 9/2012 10:46 am Updated: 04/ 9/2012 10:46 am

Plaza Hotel

Owners of the Plaza Hotel are in talks to sell the iconic New York building, The Economic Times reports. The hotel's Israeli owners at El Had Properties are in advanced, exclusive talks with India's Sahara Group to sell the building for a whopping $600 million.

$400 million would go towards the hotel section of the Plaza--100 condo rooms and 130 large-size non-condo rooms--and $200 million would go towards the underground mall which features retail space including Todd English's Food Hall.

Saudi Prince Alwaleed bin Talal also owns 40 percent of the Plaza's rooms and is expected to give up his shares.

The Plaza has changed hands 3 times since 1995. El Ad purchased the storied building in 2004. Previous owners include Donald Trump and Conrad Hilton. Last year, a single condo in the Plaza was sold to Russian composer Igor Krutoy and his wife, Olga, for $48 million.

Sahara Group, run by Indian mogul Subrata Roy-- who owns a five-star Mumbai hotel, a top-rated cricket team and TV channels in India-- acquired London's Grosvenor's House in 2010 for $726 million.

Officials at the Plaza have refused to comment on the potential sale.

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Filed by Christopher Mathias  |