Sahara Group buys New York Plaza and Dream New York in a Rs. 4, 400 crore deal

Nov 28, 2012: Sahara Group which has diverse interests in various fields has acquired to New York based hotels the New York Plaza and Dream New York. Both the hotels based in Manhattan were bought for a reported price of about Rs. 4,400 crore ($800 million). This is the second major acquisition from Subrata Roy promoted Sahara Group in last 2 years, the first being acquisition of Grosvenor House in London  in 2010. Sahara will acquire 75% stake in Plaza Hotel and this move comes as part of a long term strategy of Sahara to build a portfolio of luxury hotels.