Sahara Group has agreed to buy a controlling stake in New York's landmark Plaza Hotel for $570 million, Elad Properties, an Israeli-owned real estate company, said on Monday.
The 105-year-old luxury hotel overlooking New York's Central Park, is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings Co as per a report in Reuters.
Elad, controlled by Israeli businessman Yitzhak Tshuva, said it would receive 1.6 billion shekels for its 60 percent stake, while Kingdom will receive the rest.
Kingdom, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, will hold a 25 percent stake once the deal is completed, Elad said in a statement.
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