Sahara’s Plaza deal is worth closer to $450M

Sahara India Pariwar is close to closing on its acquisition of a stake in The Plaza Hotel, according to the New York Post, which has updated financial details on the deal. Contrary to previous reports, the Elad Group would not be selling its stake in the property for $600 million, instead it would be closer to $450 million as Saudi Prince Alwaleed Bin Talal’s Kingdom Holdings will hold on to its 50 percent stake in the 130 hotel rooms and public spaces and its 25 percent stake in the 100 condo-hotel rooms.

Sahara will shell out $200 million for the retail component and about $250 million for Elad’s interest in the hotel, public spaces and condo-hotel rooms. It has already put down a 10 percent deposit.

Still Up For Debate Is What Company Will Manage The Plaza Hotel once the transaction is complete. Kingdom Holdings owns a stake in the current operator, Fairmont Hotels & Resorts, but Sahara reportedly wants to bring in its own management company. [Post]