Kingdom sells Plaza Hotel stake for $575m
New York, December 4, 2012
Kingdom Holding Company (KHC) has announced the completion of a $575 million deal to sell The Plaza Hotel in New York.
As part of the transaction, Sahara India Pariwar and Fiverivers Properties have acquired a 75 per cent interest in the property.
The company, which retains a 25 per cent equity ownership in the hotel, has realised a net profit of $32.9 million from the deal, said a statement.
KHC chairman Prince Alwaleed Bin Talal said: “We remain committed to New York’s iconic Plaza Hotel and look forward to a long partnership with Sahara India Pariwar and Mr Sant Chatwal as we work together to reinforce The Plaza’s positioning as one of North America’s pre-eminent luxury hotels ".
As part of the transaction, Fairmont has signed a new hotel management contract and Hampshire Hotels & Resorts will supervise the management of the food & beverage operations in the building.
The Plaza, originally opened in 1907, currently operates as a 282-room hotel, including 152 condo-hotel units. The building also encompasses 180 residential condominiums and 60,000 sq ft of vibrant, high-end retail.
The hotel underwent a $400 million renovation and KHC announced its re-opening in 2009. - TradeArabia News Service
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