April 9 Indian conglomerate Sahara India Pariwar
Ltd made an unsolicited $600 million offer to acquire the
landmark Plaza Hotel in New York, the Wall Street Journal
reported, citing people familiar with the matter.
The deal would need the approval of Israeli-owned El Ad U.S.
Holding Inc and their partner in the hotel, Kingdom Holding Co,
controlled by Saudi Arabia's Prince Alwaleed bin Talal.
El Ad is examining the proposal, but has yet to discuss the
offer at length with Kingdom Holding, the Journal said.
Sahara's offer values the hotel portion of the Plaza,
spanning 230 rooms, at $400 million, with the remaining $200
million for the so-called retail portion of the hotel, which
encompasses the hotel's banquet hall, fitness center and other
common areas wholly owned by El Ad, the U.S. real-estate arm of
Israeli entrepreneur Isaac Tshuva, Journal reported.
Sahara's bid also requires the termination of the present
Plaza management by Fairmont Hotels and Resorts, which has
managed the hotel since 1995, in favor of Sahara itself managing
Sahara India, El Ad and Kingdom Holding officials were not
immediately available for comment.