Deal reached to sell Sahara’s NY Plaza Hotel for $600 million: Reports

TIL Desk/Business/New York/ The New York Plaza Hotel owned by Subrata Roy’s Sahara Group is under contract to be sold to a Dubai company and a New York real estate group for $600 million, according to media reports.

The prospective buyers have seven weeks to close the deal, Real Deal, a real estate newspaper, reported quoting sources close to the buyers.

Media Reports identified the buyers as Shahal Khan, founder of the Dubai-based family office White City Ventures, and Kamran Hakim of the Hakim Organization, a landlord in New York City.

A newspaper said the deal was confirmed by Sandeep Wadhwa, head of corporate finance at the Sahara Group, which owns a 70 per cent stake in the hotel, and Sant Singh Chatwal, a hotelier who owns the other 5 per cent being sold.

The Sahara Group is under liquidation in India to pay off debts amounting to several thousands of crores of rupees. The Plaza Hotel founded in 1907 is one the city’s landmarks.