Old Trump hotel nearing a deal
Subrata Roy’s Sahara Group has granted Saudi Prince Alwaleed Bin Talal and Ashkenazy Acquisition an extension to close on the Plaza Hotel, TRD reported. The duo exercised their option to acquire the iconic hotel last month for $600 million, and had a deadline to close by June 25th.
Dig Deeper: The deal is still expected to close. It includes 130 hotel rooms, the public areas, restaurants, and a significant retail component (100,000 SF). Past owners have already converted 151 of the hotel rooms into condos.
Fun Factoid: Donald Trump bought the property in 1988 and later lost it to bankruptcy.
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.