But what will Eloise think?! The iconic Plaza Hotel appears to be for sale again. Eight years after El Ad Properties bought the Central Park anchor for $675 million, reports are swirling that they are about to unload it in an exclusive sale to the Indian Sahara Group conglomerate for a cool $600 million. Sahara will reportedly be paying $400 million for the hotel part of the building and another $200 million for the increasingly successful retail section below.
The most interesting part about the reported deal, which neither side is eager to talk about, is that that Sahara would nix the current hotel management, Fairmont Hotels, and either manage the hotel part itself or pass it off to another manager.
El Ad has spent quite a bundle on the building since it bought it—remember when it closed the whole thing in order to do $300 million in renovations and condo conversions? But it also has pulled in good money with some very pricey condo sales. We'd just like a new owner to finally figure out what to do with the lovely, and oft troubled, Oak Room.