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August 1, 2012 2:59 pm

Plaza Hotel Sold By Israeli Billionaire For $400 Million

avatar by Algemeiner Staff

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The Plaza Hotel on Central Park South in New York City. Photo: wiki commons.

Yitzchak Tshuva’s Elad Group recently sold a 60% stake of the Plaza Hotel in Manhattan for nearly $400 million to the Sahara India Pariward conglomerate of India.  Kingdom Holdings, which shared joint-ownership with Elad, will retain a 25% share of the ownership rights in the current transaction with Sahara.

Eight years ago, Elad bought its stake in the Manhattan landmark for nearly $675 million.  Following the purchase, $300 million was invested in renovations which were overseen by Tshuva’s daughter Gal Naor and in 2008 the Plaza reopened.

The building currently includes 182 condominiums, 152 condo hotel rooms, 130 hotel rooms and a shopping complex. Tshuva’s group sold the condominiums for $1.5 billion dollars.

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