Austin investment group bids $800M for two Sahara-owned NYC hotels

The Austin Business Journal reports that Austin, Texas' World Class Capital Group recently bid $800 million for the Plaza and Dream hotels in New York, both of which are owned by Sahara Group, whose founder, Subrata Roy, was jailed in India for allegedly failing to obey a court order last year to repay investors that were victims of an illegal bond scheme.

Reports are that World Class Capital reportedly offered cash for the two Manhattan properties but lost to a bid submitted by Miami-based Mirach Capital Group, which offered $1.1 billion for all three properties.

That deal, however, has reportedly collapsed and Roy is trying to revive the deal.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.