Capital market sources expect Elad Group to close a deal with India's Sahara India Pariwar for $600 million within weeks.
Yitzhak Tshuva's private real estate company Elad Properties is nearing the sale of its stake in New York's Plaza Hotel to India's Sahara India Pariwar, capital market sources believe. They expect a deal within weeks.
The parties are talking about a $400 million payment for Elad's 60% stake in the Plaza Hotel, Saudi Prince Alwaleed bin Talal owns the other 40% through Kingdom Holding Company (Saudi: KINGDOM). Sahara India Pariwar will also pay $200 million for the hotel's commercial space, which Elad owns in full. The parties are also discussing other issues, including management of the hotel after the sale.
India's "Economic Times" revealed the talks in April 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2012
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