Report: Plaza Hotel in talks to sell for $600M
An Indian investment group is working out a deal to buy the 105-year-old landmarked Plaza Hotel for about $600 million, according to The Economic Times.
The Sahara Group is in negotiations with the Plaza's owners, the Elad Group, and "has paid an advance" on the property, ET reported.
Elad bought the iconic hotel at 59th Street and Fifth Avenue in 2004 for $675 million, according to The Real Deal, and then turned part of the hotel into condo units.
Neither Sahara nor Elad responded to requests for comment.
Sahara, which snapped up the Grosvenor House hotel in London for $726 million in December, has been eyeing an expansion overseas, ET said.