Updated at: 11/28/2012 4:35 PM
By ALEX VEIGA
Indian conglomerate Sahara India Pariwar now owns a majority stake in New York’s Plaza Hotel, which is bought from Israeli real estate company El Ad US Holding Inc.
El Ad CEO Udi Erez said Wednesday that the transaction, valued at $575 million, closed on Monday.
The deal, announced in July, gives Sahara India Pariwar a 75 percent interest in the Plaza Hotel and adjacent retail space.
Kingdom Holding Co., headed by Saudi billionaire Prince Alwaleed bin Talal, retains the remaining 25 percent stake in the property.
Fairmont Hotels & Resorts will continue to operate the hotel under a long-term agreement.
An email seeking comment from Sahara India Pariwar was not immediately returned.
The Plaza has a colorful past, having hosted guests such as Eleanor Roosevelt, The Beatles and Mark Twain.
(Copyright 2012 by The Associated Press. All Rights Reserved.)