NEW YORK CITY-The Sahara Group, which only last November acquired a majority stake in the Plaza Hotel, is now trying to sell the iconic New York City hotel property, along with the Dream Downtown Hotel and the Grosvenor House in London.
The Mumbai-based investment group has already received a $1.6-billion offer from a Mideast group, according to the New York Post.
Sahara, led by billionaire Subrata Roy, acquired a 70% ownership interest in the Plaza from Elad for $600 million a year ago. It also bought the Dream Downtown from Hampshire Hotels for $200 million. The Grosvenor House was purchased from Royal Bank of Scotland for $726 million in 2010.
The company is facing pressure from Indian securities regulators, who contend Sahara illegally sold $4.8 billion in bonds, and by the Bank of China, which holds nearly $1 billion in debt on the three Sahara properties. See story in the New York Post.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
