India's Sahara Group is set to buy New York's landmark Plaza Hotel for $570 million, The Times of India
reported on Tuesday.
The deal for the Plaza, the 105-year-old luxury hotel near New York's Central Park, is expected to be announced by the end of this month, The Times reported, citing a source close to the talks.
The Plaza is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom
Holdings Co, according to the hotel's website. It has been managed by Fairmont Hotels & Resorts Inc since 1999. Elad, has agreed to sell its stake to Sahara Group, the Times reported, citing a source.
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