Plaza Hotel may undergo impressive restoration, if minority owner has their way

A minority owner of the legendary Plaza Hotel has plans to take ownership of the property and restore it to its five star grandeur—but with all things related to the Plaza Hotel, that will be easier said than done.

The majority stake in the property is owned by Subrata Roy’s Sahara Group, who tapped JLL Hotels and Hospitality Group to shop the Central Park South property around. Sahara Group hasn’t disclosed exactly what it’s looking for, but an estimate by the Wall Street Journal pins its value at as much as $560 million.

But while Roy has been securing the broker, minority owner Prince al-Waleed bin Talal of Kingdom Hotel Investments has partnered with New York investment and development company Ashkenazy Acquisition Corporation to buy Roy out, the New York Times reports. Real estate executives familiar with the ownership agreement claim that partners in the hotel have the right to match any offer for the hotel, and claim ownership.

The prince has expressed interest in “[reinstating] the glory” of the hotel to keep it competitive with other five-star accomodations throughout the city, like The Carlyle, the Four Seasons, and the Pierre.

But Roy and Sahara Group are pressing on with soliciting bids from across the globe. “It’s the most iconic real estate asset in the world,” Jeffrey Davis, an international director of JLL, told the Times. “It’ll garner international attention.”

• The Plaza Is for Sale, but a Part-Owner Has Other Ideas [NYT]
• The legendary Plaza Hotel is, once again, up for sale [Curbed]