The Sahara Group has acquired a controlling stake in New York’s landmark Plaza Hotel for $570 mn, according to reports.
Reports stated that luxury hotel overlooking New York’s Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co.
Elad, controlled by Israeli businessman Yitzhak Tshuva, said that would receive 1.6 billion shekels for its 60% stake, while Kingdom will receive the rest, report says.