The Real Deal New York

Rapper Pras Michel, agent David Sugarman join $2.2B Plaza bid

Pair are said to be part of four-person group that made offer for iconic hotel
September 09, 2014 11:30AM

Pras Michel, a Grammy-winning rapper and co-founder of the Fugees, is joining in on a $2.2 billion bid to Buy The Plaza Hotel.

Michel — together with sports agent David Sugarman and two others — submitted a bid for The Plaza as well as for the Dream Downtown and Grosvenor House in London, the New York Post reported. The properties are owned by the India-based Sahara Group.

According to the Post, the group of four has deposited $100 million in escrow and proof of funds larger than $2.6 billion.

Sahara Group chairman Subrata Roy, who is currently in jail for failing to repay bondholders, has been attempting to unload the three properties for some time. On Tuesday, India’s Supreme Court granted Sahara a second extension to sell the hotels, according to the Wall Street Journal. The extension is for 15 days.

Earlier this summer, Madison Capital made an $800 million bid for Roy’s stake in the hotels. [NYP] — Claire Moses