New York Plaza Hotel Buyers Ashkenazy, Alwaleed Sue Owner - Bloomberg:
"Ashkenazy Acquisition Corp. and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co., the investors trying to buy New York’s historic Plaza Hotel, sued the property’s majority owner for allegedly reneging on an agreement that gives the group the right to match another offer.
Sahara US Corp., which owns a 70 percent stake in the hotel, demanded a second deposit and has been negotiating with other parties, according to a complaint filed in New York state court Friday. Minority investors Ashkenazy and Kingdom earlier this month exercised their right of first refusal on a $600 million bid for the property to instead try to purchase it on their own.
The clash between the investors is another twist in a years-long sales process for the 111-year-old building at the corner of Fifth Avenue and Central Park South. Sahara US is an entity tied to Sahara India Pariwar, which has been attempting to sell its stake amid troubles faced by its chairman, Subrata Roy, who has been ordered to return billions of dollars to investors."
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