Sahara Group chairman Subrata Roy doesn't seem to want to sell the Plaza Hotel, but he also doesn't seem to have much of a choice. Roy has been incarcerated in New Delhi since March, accused by the Securities and Exchange Board of India of presiding over an international money-laundering empire. India's Supreme Court has ruled that in order to be freed, Roy must shell out $3.9 billion, and the decision of whether or not to sell his assets, including the Plaza, the Dream Hotel Downtown, and London's Grosvenor House, has been taken out of his hands, with interested parties now submitting bids directly to the Indian government. The most recent of those, the Daily News reports, comes from Madison Capital Holdings, who are offering $800 million for a 75 percent interest in both the Plaza and the Dream. There is no word yet on whether the bid will be accepted.
Assuming the rumors were true, Roy must be kicking himself for not accepting the reported $1.61 billion that an unidentified Middle Eastern family offered for the Plaza back in November.
· Investor's $800M bid for iconic Plaza Hotel could set Indian billionaire owner free from New Dehli jail [NYDN]
· The Plaza coverage [Curbed]