Tags: plaza | owner | hotel | nyc | property | buyer

Plaza Hotel Owner Hires Brokerage to Find Buyer for NYC Property

Plaza Hotel Owner Hires Brokerage to Find Buyer for NYC Property
Peter Kramer/Getty Images

Tuesday, 22 August 2017 04:05 PM

Sahara India Pariwar, the majority owner of New York’s Plaza Hotel, is renewing efforts to find a buyer for the chateau-like property on Central Park following the recent sale of a minority stake in the building.

Sahara, based in Lucknow, India, has hired brokerage Jones Lang LaSalle Inc. to handle the sales process. “We do have the listing for the Plaza,” said Jeff Davis, international director at JLL, who heads the New York office of the firm’s hotels and hospitality group. He declined to comment further.

The sales process comes after Ashkenazy Acquisition Corp. acquired a stake in the hotel, giving it rights to buy the property in partnership with another minority shareholder, Saudi Prince Alwaleed bin-Talal, according to a person with knowledge of the situation, who asked not to be identified because the matter is private.

Ashkenazy, Sahara India Pariwar and Alwaleed’s Kingdom Holding Co. didn’t immediately respond to requests for comment. JLL’s hiring was reported earlier Tuesday by the Wall Street Journal.

Sahara, controlled by Chairman Subrata Roy, has been trying to find a buyer for the Plaza for more than two years as he fights allegations of defrauding investors. Roy was imprisoned in India in 2014 in connection with the charges, and Sahara defaulted on debt on the Plaza and two related properties. The default prompted billionaire brothers David and Simon Reuben to buy the debt and try to auction the Plaza early last year. The auction was canceled after a debt extension was negotiated. The Qatar Investment Authority was one of the parties that explored a purchase of the Plaza in 2016.

Ashkenazy said in July it bought London’s Grosvenor House hotel and disclosed its stake in the Plaza. Ashkenazy and Alwaleed are in a position to wind up with ownership of the Plaza if Sahara isn’t able to meet certain conditions or find a buyer for its interest, said the person with knowledge of the situation.

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Sahara India Pariwar, the majority owner of New York's Plaza Hotel, is renewing efforts to find a buyer for the chateau-like property on Central Park following the recent sale of a minority stake in the building.
plaza, owner, hotel, nyc, property, buyer
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2017-05-22
Tuesday, 22 August 2017 04:05 PM
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