India's Sahara Group To Pay $570M For NYC's Plaza Hotel

Law360, New York (July 30, 2012, 6:11 PM EDT) -- India's Sahara Group will pay $570 million for a substantial controlling stake in New York City's iconic Plaza Hotel, breaking up the existing partnership between Israeli-owned Elad Properties LLC and Saudi Arabia's Kingdom Holding Co., Elad reportedly said Monday.

Elad Properties, a division of Israel's Elad Group Ltd., will get a $400 million slice of the purchase price for its 60 percent stake, with the rest funneled to Kingdom Holding, according to a Reuters report. The Saudi firm will also keep a 25 percent interest in...
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