Subrata Roy Completes Purchase of Plaza Hotel in New York
January 8, 2012 - Indian billionaire Subrata Roy has completed the purchase of the Plaza Hotel in New York for US$575 million. Sahara Group, controlled by Roy, also bought the luxury hotel Dream New York from hotelier Vikram Chatwal for US$220 million.
The hotels lie close to Central Park and Sahara, which bought Grosvenor House hotel in London two years ago, is reportedly looking at other landmark properties to build up a luxury hotel portfolio.
The 223-room Plaza has previously welcomed Eleanor Roosevelt, the Beatles, Mark Twain and Groucho Marx. Considered North America's Leading Luxury Hotel by the World Travel Awards, it was purchased from Israeli-owned realtor El Ad US Holdings.
Co-owner Kingdom Holding, a leading global investment firm controlled by Saudi billionaire Prince Alwaleed bin Talal, will retain a 25 per cent stake.
Sahara
The latest acquisition follows a decision from the Indian Supreme Court to give Sahara Group more time to refund $3 billion it had raised from investors through sale of bonds that were later found to be illegal. Sahara has been ordered to initially deposit $939 million with the capital markets regulator. The remaining money is to be paid in two installments by February. Sahara was ordered on August 31st to refund the money in 90 days for failing to comply with financial regulations.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
