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Saudi group sells majority stake in NY's Plaza

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Saudi group sells majority stake in NY's Plaza
Submitted by Fox First at Ten on December 4th

RIYADH, Saudi Arabia (AP) - The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold a majority stake in The Plaza Hotel in New York to a major Indian real estate conglomerate in a $575 million deal.

Kingdom Holding Co. says it will retain 25 percent equity ownership in the landmark hotel, now controlled by a group led by Sahara India Pariwar. A statement Tuesday said Kingdom Holding made $32.9 million profit on the deal.

The 115-year-old Plaza has 282 hotel rooms as well as condominium units and retail space.

Kingdom Holding is a major shareholder in Citigroup and holds stakes in other companies, including News Corp., Apple Inc. and Twitter.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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