Middle Eastern group offers $1.6B for Plaza portfolio

Sahara looking to sell three hotels, including Dream Downtown

The Plaza Hotel and Subrata Roy of Sahara
The Plaza Hotel and Subrata Roy of Sahara

India-based Sahara Group is trying to Unload The Iconic Plaza Hotel along with the Dream Downtown Hotel in Manhattan and Grosvenor House in London, and has received a $1.6 billion offer from a Middle Eastern group for the luxury hotel trio.

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In 2012, Sahara paid Elad Group $600 million for a 70 percent stake in the Plaza, and scooped up the Dream hotel from hard-partying Vikram Chatwal for $200 million. The conglomerate, headed by Subrata Roy, had also paid $726 million for the Grosvenor House in 2010.

But Sahara’s legal woes in India are forcing the company to sell fast, sources told the New York Post. Representatives for the company couldn’t immediately reached by the newspaper. The Middle Eastern bidder wasn’t identified. [NYP]Hiten Samtani