New York’s Plaza Hotel Near £372 Million Sale
Elad Group, part of the Isaac Tshuva’s assets, are about to sell Plaza Hotel in New York for £372 million. Buyer is Kingdom Holding, a Saudi Arabian company, with a current P/E ratio of 59.9. Prince Alwaleed bin Talal of Saudi Arabi are going to hold a 25 % stake in New York’s Plaza hotel after the deal is done, according to Bloomberg. The prince is to be seen as a long term
investor, said a spokesman for the company. The hotel transaction are expected to finalise in the beginning of July, 2012.
The landmark NY hotel was initially bought by the El Ad in 2004 for £437 million, following an extensive £260 million renovation the following years.
According to Elad Groups website, El Ad is about to renovate The Plaza Hotel in Las Vegas as his next major project.
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