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Despite Denials, The Plaza Actually Really Is For Sale

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The Sahara Group, the majority owner of the Plaza, has been entertaining offers for the iconic hotel over the past few months, the Journal reports. Back in November, it was reported that an unidentified Middle Eastern family had offered $1.61 billion for the Plaza and two other hotels, but Sahara Group chairman Subrata Roy denied that the properties were on the market, releasing a statement that read, in part, "Sahara is not looking to divest itself of these important assets at this time. This speculation has arisen because we have received offers, but that does not mean we have any intention of selling." However, since then things have only gotten worse for the embattled Sahara Group. Roy has been held in Indian jail since March 4 over illegally issued bonds, and India's Supreme Court barred the Sahara Group from unloading any of its properties. That has not, apparently, stopped Roy from listening to offers, however. According to the Journal, Sahara Group spokesperson Ghulam Zeeshan has said that Roy said that "he would consider a sale if they were offered an extraordinary price." Making matters even more complicated, the massive loan that Sahara got from the Bank of China included capital for the purchase of the Dream Downtown Hotel and is cross-collateralized with a loan on London's Grosvenor House, meaning that it might be necessary for anyone buying the Plaza to also buy the other two hotels.
· Plaza Hotel's Owner Entertains Offers [WSJ]
· The Plaza coverage [Curbed]

The Plaza

768 5th Avenue, Manhattan, NY 10019 Visit Website