The Real Deal New York

Banned from selling the Plaza, Roy hears offers: report

Hotel sale would be among the priciest in New York City

March 12, 2014 01:45PM

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From left: Subrata Roy and the Plaza Hotel

From left: Subrata Roy and the Plaza Hotel

The landlord of Manhattan’s illustrious Plaza Hotel is hearing offers for the century-old building, in spite of an injunction from India’s highest court barring its sale.

Subrata Roy, the owner of the India-based Sahara Group, was banned last November by India’s Supreme Court from selling any of the firm’s assets pending the outcome of a lawsuit accusing Roy of violating securities laws, including the Plaza, as The Real Deal previously reported. At the time, Roy denied seeking a buyer for the property, or for the Dream Downtown Hotel he also owns.

Although Roy is not marketing a sale at this point, his representatives have been talking to potential buyers in recent months, the Times reported.

Sahara, which picked up a 75 percent stake in the Plaza for about $431 million in 2012, was offered $1.6 billion for both properties from an unidentified Middle Eastern investor last year, according to previous reports. Roy is currently being detained in a New Delhi jail after turning himself in late last month for failing to show at a contempt hearing, as The Real Deal previously reported. He has yet to be charged with a crime, the Times reported.[WSJ] Angela Hunt

  • Ann

    When are these foreigner investors going to understand that they are being hoodwinked by brokers who are only looking at how much commission they can make?!!

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