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Investor Bids $800M for Sahara’s The Plaza and Dream Downtown

Investor Bids $800M for Sahara’s The Plaza and Dream Downtown

Madison Capital Holdings LLC has offered to buy the Sahara Group’s Plaza Hotel and Dream Downtown properties in New York for $800 million. These are two of the three luxury hotels that Sahara intends to sell as it tries to raise money to free its chief Subrata Roy from a jail in Delhi, India, according to a report from Economic Times of India. The Sahara Group owns a 70 percent stake in The Plaza and 85 percent in Dream Downtown via a Mauritius company, the report states. A report prepared by CB Richard Ellis and Jones Lang LaSalle values the two New York hotels at $844 million—The Plaza at $592 million and Dream Downtown at $252 million. Read more over at Economic Times.

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