The duo already own a 25% stake in the iconic property
Saudi Prince Alwaleed Bin Talal and Ashkenazy Acquisition have exercised their option to acquire the Plaza Hotel from Subrata Roy’s Sahara Group for $600 million, according to WSJ. The duo already own a 25 percent stake.
Khan and Hakim out: Shahal Khan and Kamran Hakim thought they had the deal locked up last week, but Talal and Ashkenazy exercised their right to match the highest bid. The partners have 45 days to close the deal.
Saudi freedom is fruitful: Al-Waleed bin Talal was freed from the Saudi ‘anti-corruption’ campaign in January. Without Crown Prince Mohammad Bin Salman’s blessing, this deal would not have happened.
Dig Deeper: The sale includes 130 hotel rooms, the public areas, restaurants and a significant retail component. Past owners have already converted 151 of the hotel rooms into condos.
Quotable: Ashkenzy’s Michael Alpert: “The plan is to restore the splendor of The Plaza, which will include the redevelopment of the 100,000 contiguous square feet of retail, including the Oak Room.”