Madison offers $800 million to buy The Plaza and Dream Downtown
The race to gain the Sahara Group’s luxury hotels in London and in New York is gathering to steam as a new bidder has joined the race. The Madison Capital Holdings LLC has offered to the buy The Plaza and Dream Downtown properties located in New York for a price of $800 million.
These hotels are among the two of the three luxury hotels, the third is London’s Grosvenor House that the Sahara group is looking to sell as it tries to raise the money that is needed to get the chief of the company Subrata Roy out of jail.
The Pune based Poonawalla family, the Sultan of Brunei and another investor group has connected to the Qatari royal family among the other suitors, although the Indians are only interested in the iconic British hotel. The Sahara Group is selling the property in order to come out of the debt. All these luxury hotels in London are property of the Sahara group. The bidding of these hotels was highlighted in news for the past few days. The completion of sale of this property will hopefully happen within the upcoming days.
Source: The Economic Times
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