Plaza Hotel Is On the Block
NEW YORK—The Indian owners of the Plaza Hotel have hired a broker to sell the New York City landmark, a sign that a world-wide scramble among investors, celebrities and governments to acquire the property could be nearing an end.
Sahara Group, a Lucknow, India-based conglomerate and the hotel’s majority owner, has enlisted JLL Hotels and Hospitality Group, a unit of real-estate firm JLL , to find a buyer, according to a person familiar with the matter.
While it is unclear how much a buyer would pay for a trophy property like the Plaza, hotel investors and brokers suggest it could be one of the most expensive hotel sales on a per-room basis, a popular industry metric. By that method of valuation it could bring in more than $500 million.