Indian Co. Closes $575M Deal For Control Of Plaza Hotel

Law360, New York (November 27, 2012, 7:41 PM EST) -- Indian conglomerate Sahara India Pariwar on Tuesday finalized its $575 million purchase of a controlling stake in New York City's landmark Plaza Hotel, squeezing out former majority owner Elad Properties, a division of privately owned Israeli real estate development conglomerate El-Ad Group Ltd.

The deal gives SIP, a major sponsor of Indian cricket and field hockey teams, a 75 percent interest in the Plaza, 60 percent of which comes from Elad — one of El-Ad's U.S. units operating under the El Ad U.S. Holding Inc. umbrella...
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