Prince Alwaleed set for full takeover of iconic New York Plaza hotel

Saudi billionaire ruled out any interest in in London's Grosvenor House, which are both owned by the same Indian owner
Prince Alwaleed set for full takeover of iconic New York Plaza hotel
"If the opportunity comes up whereby we can increase our stake we will," Alwaleed said. (Getty Images)
By Staff writer
Mon 01 Dec 2014 10:13 AM

Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud is set to
launch a full takeover of the iconic Plaza hotel in New York, but has ruled out
any interest in London's Grosvenor House, which are both owned by the same
Indian owner.

Prince Alwaleed currently owns 25 percent of the US landmark hotel but
Indian businessman Subrata Roy is looking to sell his 75 percent stake in order
to raise funds to pay his £1 billion bail to get out of jail as part of fraud
allegations in India.

"If the opportunity comes up whereby we can increase our stake we
will," Alwaleed was quoted as saying by the Express newspaper.

"We will look at the deal when it comes, when Sahara decides eventually
to push the button and act on this matter."

The Plaza offers an overdose of luxury for guests in its 282 rooms, from
round-the-clock butlers to in-room iPads for booking a restaurant or requesting
a wake-up call.

Its 4,490 square-foot Royal Suite has three bedrooms, three bathrooms, a
dining room for 12, a kitchen, a gymnasium, a grand piano and a library. It
costs $30,000 a night.

Sahara bought the Plaza for about $570 million in 2012. Two years earlier,
it paid 470 million pounds ($790 million) for the 494-room Grosvenor House
opposite Hyde Park and just a stone's throw from Buckingham Palace. Opened in
1929, it houses the Great Room, which is one of Europe's largest banqueting
halls and can seat 2,000 guests.

Sahara is also seeking to sell the Dream Hotel in New York's midtown
Manhattan.

However, Alwaleed confirmed he was not interested in buying London’s
Grosvenor House, which is also owned by Roy’s Indian conglomerate Sahara.

"Sahara has other hotels that are in the group but we don't care about
those. Zero interest,” the Saudi royal added.

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