India- grounded real estate corporate achieved New York’s Plaza Hotel’s 75 % shares. The Indian real estate corporate Sahara India Pariwar is reported to buy New York’s Plaza Hotel’s shares from El Ad US Holdings, another real estate firm.
New York’s Plaza Hotel boasts proudly of a rich history. It had some world renowned figures like Groucho Marx, Eleanor Roosevelt, the Beatles and Mark Twain as guests. The pride of New York- Plaza Hotel is located on 59th Street with high vicinity to Manhattan Central Park.
Plaza Hotel is regarded as an iconic property. Its prominence is world widely recognized. Manhattan location makes it the highly noticeable. The owner of Plaza Hotel is adorned with a high profile in the whole of USA.
Solid Rock’s president to the Commercial Property Executive, Mr. Greg Rice opined that a property like Plaza Hotel New York has enjoyed a higher rate of appreciation in all the moments. Prince Alwaleed bin Talal, a Saudi billionaire and the co-owner Kingdom Holding Co. holds the remaining 25% of the Plaza Hotel.
With this deal Sahara India Pariwar will have ownership on 230 hotel rooms and retail space. It will also own some outstanding condominiums besides an underground luxury mall.
Mr. Rice opined that it should be a perfect means to preserve one’s capital. His opinion was made from the buyer’s perspective. He stated that the hotel market history in New York proves that it is one of the most liquid markets in the entire world. New York’s hotel market is always believed to outperform even the inflation.
Mr. Rice said that it was however the best option for anyone to have an expansion into U.S. He said that probably the India- based real estate firm would be aiming at multiplying its assets. The longer it is held the larger returns it assures.
The history of US shows that there is a steady growth of value appreciation. As a result if the India- based real estate firm holds it for longer time, it will gain higher returns. Meanwhile the Indian firm has already said to begin their rejuvenation process.
This is the third hotel of the Indian firm. The Grosvenor House, a historic London hotel, and another top – end hotel in Mumbai are the other two hotels of the Indian firm.
