Kingdom sells majority stake in NY Plaza Hotel
- Saudi Arabia: Thursday, December 06 - 2012 at 01:29
Kingdom Holding, chaired by Prince Alwaleed bin Talal, has announced it has sold a majority stake in The Plaza Hotel in New York to a major Indian real estate conglomerate in a $575m deal, the Associated Press has reported. The Riyadh-based investment firm said it will retain 25% equity ownership in the landmark hotel, now controlled by a group led by Sahara India Pariwar. The 115-year-old Plaza has 282 guest rooms, as well as condominium units and retail space.
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