May 7, 2018
A pair of investors have reached a deal to acquire a majority stake in the Plaza Hotel, which the current ownership has sought to sell for several years. The deal is expected to close on June 25, 2018.
Dubai-based family office White City Ventures and the New York City-based Hakim Organization will pay $600 million to acquire 75% ownership of the iconic lodging property from ownership led by the Sahara Group. The purchase price includes the refinancing of more than $410 million in mortgage debt.
Completed in 1907, the Plaza has changed hands a number of times over the years. At one time, it was owned by Donald Trump, and India’s Sahara Group acquired it in 2012 from Elad Group, its owner since 2004. In the interim, Elad converted the property to a mixture of hotel rooms and residential condominiums.
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