SAHARA GROUP HIRES JLL FOR PLAZA HOTEL SALE: REPORT
NEW YORK/NEW DELHI: Embattled Sahara group has roped in real estate consultancy major JLL for finding a buyer for its iconic Plaza hotel in the US which can fetch a valuation of over $500 million. The Wall Street Journal (WSJ) reported that Sahara has hired JLL Hotels and Hospitality Group, a unit of real-estate firm JLL, to find a buyer for the Plaza hotel, once owned by Donald Trump much before he became the US President.
The group owns one more hotel, the Dream Downtown, in New York and earlier also there have been efforts for sale of these properties. There were no immediate comments from JLL, as also from Sahara group, which has been raising funds through various asset sales in India and abroad for depositing money in an investor refund account managed by regulator Sebi under orders from the Supreme Court.
The group, however, claims to have already refunded more than 95% of the total amount due to investors directly to them.
The WSJ report said Plaza can be one of the most expensive hotel sales on a per-room basis and may get a valuation of more than $500 million (over Rs3,200 crore) as per this popular industry metric.
It quoted a Sahara spokesperson as saying that a “sale is under process and it has not yet concluded.”
Those interested in the property include a Qatari sovereign fund, a Chinese municipal investment fund and Pras Michel, the Grammy-winning co-founder of the hip-hop group Fugees, the report said.
The 110-year-old Plaza is situated off Central Park and its ownership has changed hands several times, where Sahara group had acquired about 75% with the remaining 25% being with Prince Alwaleed bin-Talal of Saudi Arabia.
Its past owner Trump had married his second wife Marla Maples at this hotel