Middle East giant in talks to buy Sahara’s US hotels

Embattled Sahara group is in talks with a large Middle-Eastern enterprise for sale of its majority stake in two prime New York hotels—including the iconic Plaza which was once owned by Donald Trump—estimated to command a billion-dollar valuation, reports The Economic Times.  

Sahara holds 85 per cent in New York’s Dream Downtown hotel and 70 per cent in the Plaza, where Trump- then a real estate tycoon and owner of the luxurious property—married his second wife Marla Maples in December 1993.

Name of the interested buyer from Middle East could not be ascertained but those having shown interest earlier include a Qatar-based sovereign investment fund and also some investors from China and the US.

Sources said talks are underway and could be concluded soon for sale of stake in the two hotels held by Sahara, which is raising funds by selling various assets in India and abroad for depositing money in a special investor refund account set up under Supreme Court orders.

Market sources pegged the combined estimated valuation of the two hotels, which were acquired by Sahara in 2012 in two separate transactions within months, to be in excess of USD 1 billion in a sale deal despite the depressed real estate sector.

Middle East giant in talks to buy Saharas US hotels

Embattled Sahara group is in talks with a large Middle-Eastern enterprise for sale of its majority stake in two prime New York hotelsincluding the iconic Plaza which was once owned by Donald Trumpestimated to command a billion-dollar valuation, reports The Economic Times. Sahara holds 85 per cent in New Yorks Dream Downtown hotel and 70 per cent in the Plaza, where Trump- then a real estate tycoon and owner of the luxurious propertymarried his second wife Marla Maples in December 1993. Name of the interested buyer from Middle East could not be ascertained but those having shown interest earlier include a Qatar-based sovereign investment fund and also some investors from China and the US. Sources said talks are underway and could be concluded soon for sale of stake in the two hotels held by Sahara, which is raising funds by selling various assets in India and abroad for depositing money in a special investor refund account set up under Supreme Court orders. Market sources pegged the combined estimated valuation of the two hotels, which were acquired by Sahara in 2012 in two separate transactions within months, to be in excess of USD 1 billion in a sale deal despite the depressed real estate sector.