Sale Close for New York's Plaza Hotel

Elad Group is close to selling its stake in the 282-room Plaza Hotel in New York City to Sahara India Pariwar for $575 million, according to press reports. The deal, which is expected to be finalized early next month, will give the new owners a 75 percent of the firm and will leave current co-owner Kingdom Holding Co. with a 25 percent stake. 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 2005-2008.