$600M Plaza offer only includes Elad’s stake
The widely reported $600 million offer for the Plaza hotel would not include the stake controlled by Saudi billionaire Prince Alwaleed bin Talal, according to Bloomberg News. Bin Talal’s Kingdom Holding Company Had Sold The Plaza to the Elad Group for $675 million in 2004, but then bought back a portion soon after, a spokesperson for the firm said.
Kingdom now holds 50 percent of The Plaza‘s 130 hotel rooms and public areas, and 25 percent of the 100 rooms that were sold as condominiums and rented out as hotel rooms.
India-based Sahara Group made a $600 million offer for Elad’s stake in the century-old landmark, Bloomberg said.
“The prince’s objective is to be a long-term investor in this kind of iconic asset,” a Kingdom spokersperson said.
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