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by Lisa A. Grimaldi | August 01, 2012

 Sahara Group has agreed to buy a controlling stake in the historic 282-room Plaza Hotel for $570 million, according to press reports. The Manhattan hotel is jointly owned by Elad Properties, an Israeli-owned real estate company, and Saudi-based Kingdom Holdings, which will hold a 25 percent stake once the deal is completed. Under the terms, Fairmont Hotels & Resorts, of which Kingdom Holdings is a part owner, will continue to operate the property for at least two years. The historic hotel, which has seven meeting rooms, underwent a complete renovation from 2005 through 2008.