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NEW YORK CITY-Want proof that foreign capital is alive and bidding in gateway cities? Just stop off at the Plaza Hotel, where India-based conglomerate Sahara India Pariwar has closed on its purchase of a 75% stake in the landmark. Sahara plunked down $431 million for the 230-room asset, which carries a total asset value of $575 million.

The stake was purchased from El Ad US Holdings, rendering Sahara a partner with Kingdom Holding Co., which retains its 25% piece. Brokers on the deal were New York City-based Solid Rock Advisors, which spoke for the seller, and Blandford Goldsmith of  London. Fairmont Hotels & Resorts, which is also owned by Kingdom, will continue to operate the hotel under a long-term agreement.

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