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FINANCIAL NEWS
Saudi- Kingdom Holding to log USD32.9m profit from Plaza Hotel sale
04 Dec 2012
(MENAFN) Kingdom Holding announced that it will gain a profit of USD32.9 million from the sale of New York’s Plaza Hotel, reported Arabian Business.
The company, owned by Saudi billionaire Prince Alwaleed bin Talal, said that a 75-percent stake of the hotel was sold to Sahara India Pariwar for USD575 million.
KH would hold the remaining 25 percent equity stake in the property that comprises the hotel, condos and retail space among others.
The 105-year old luxury hotel has a hotel portion that covers 230 rooms and a retail portion that comprises the hotel’s banquet hall, fitness center and other common areas.
It is worth noting that KH holds minority stakes in several firms, including Citigroup, Fairmont Hotels & Resorts, Rupert Murdoch’s News Corp and Twitter.
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