The Sahara Group, owner of New York’s famous Plaza Hotel, is looking to sell the property. Sahara, which is based out of Lucknow, India, is the hotel’s majority owner and is working with JLL Hotels and Hospitality Group to locate a buyer for the hotel, which is located on 5th Avenue in Manhattan.
The Wall Street Journal reportedly spoke with hotel investors and brokers that estimate the 110-year-old hotel could be sold on a per-room basis due to its reputation as a New York City landmark. This kind of valuation could fetch more than $500 million in a sale.
A spokesman told the paper in a statement that a “sale is under process and it has not yet concluded.”
Despite high-profile names taking interest in the property, all talks to purchase it eventually fell through. Sahara founder and chairman Subrata Roy found a way to add a little infamy to the proceedings, making himself available from a New Delhi jail to negotiate with some of the prospective buyers as he served a two-year sentence on charges for contempt.
Buyers have been willing to go to such lengths to negotiate for the property for a number of reasons. The Plaza has made appearances in a multitude of films and novels such as “The Great Gatsby,” and was formerly owned by President Donald Trump. The property is located at the southeast corner of Central Park, but many of its rooms have been converted into condos, similar to that of other historic luxury New York hotels such as the Waldorf Astoria.