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| Plaza Hotel New York |
New York, NY – Nov. 27, 2012 – Sahara India Pariwar, an
India-based conglomerate, today completed
the purchase of a 75 percent interest in the iconic Plaza Hotel New
York from real estate company El Ad US Holdings’ position in the hotel with
a total valuation of $575 million.
The acquisition
includes 230 hotel rooms and retail space. Co-owner Kingdom Holding Co.,
controlled by Saudi billionaire Prince Alwaleed bin Talal, will retain
its 25 percent stake in the property.
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| Prince Alwaleed bin Talal |
Solid Rock Advisors,
a real estate consulting firm specializing in luxury resort and hotel
transactions, advised the seller in the transaction. Fairmont Hotels &
Resorts will continue to operate the hotel under a long-term agreement.
The iconic Plaza
Hotel is located in Manhattan, adjacent to Central Park. Notable guests of the
Plaza over the years have included Eleanor Roosevelt, the Beatles, Mark Twain
and Groucho Marx. Donald Trump is a former owner of the hotel.
“This was a great
opportunity for the buyer to expand into a key U.S. gateway market with the
purchase of such an irreplaceable asset as the Plaza Hotel,” said Solid Rock’s
President Greg Rice. “The corner of 59th Street and Fifth Avenue is
arguably one of the world’s most valuable pieces of real estate.
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| Greg Rice |
“The New York City
hotel real estate market remains one of the world’s most attractive investments,”
Rice said.
“There currently are more buyers than sellers in the
market. It is the world’s most liquid
market and is excellent for capital preservation as it consistently outperforms
inflation.
“There also is upside in the hotel market as it has not yet
reached pre-recession levels. Capital is more widely available for buyers now,
and sellers are making strategic decisions to bring their assets to market in
this favorable environment,”
Rice added. “While luxury hotels in New York City in
particular have been one of the harder hit segments of the hospitality industry
recently, they will benefit from strong growth as room rates return to their
peak levels.”
For a complete copy of the company’s news release, please
contact:
Greg Rice,
Solid Rock Advisors
(917) 807-8388
Chris Daly
President
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553
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