Indian conglomerate Sahara India Pariwar has completed its purchase of a 75 percent interest in the Plaza Hotel New York from real estate company El Ad US Holdings for $575 million.
The deal includes 230 hotel rooms and retail space.
The other 25 percent is owned by Kingdom Holding Co., a company controlled by Saudi prince Alwaleed bin Talal.
The Plaza is located in Manhattan, next to Central Park. The hotel’s notable guests have included Eleanor Roosevelt, The Beatles and Groucho Marx.
Solid Rock Advisors advised El Ad US on the deal.
Fairmont Hotel and Resorts will continue to operate the hotel.