Prince Alwaleed, Ashkenazy sue majority owners over sale of New York's Plaza Hotel

Prince Alwaleed, Ashkenazy sue majority owners over sale of New York's Plaza Hotel
Published: 20 May 2018 - 1:44 a.m.
By: Sarakshi Rai

Ashkenazy Acquisition Corp and Saudi Prince Alwaleed bin Talal’s Kingdom Holding, the minority investors trying to buy New York’s historic Plaza Hotel, have sued the property’s majority owner Sahara for allegedly reneging on an agreement that gives the group the right to match another offer, according to reports.

Sahara has a 70% stake in the hotel, demanded a second deposit and has been negotiating with other parties, according to a complaint filed in New York state court on Friday, according to Bloomberg.

Ben Ashkenazy’s Ashkenazy Acquisition Corporation and Saudi Prince Al Waleed bin Talal, as the building’s minority owners, have the right of first refusal. They have since exercised that right, the New York Post reported, by offering the same $600 million sum

Sahara has tried to sell it's stake in the hotel in the last few years. In August 2016, Sahara dismissed a US $1.3 billion (AED 4.8 billion) Saudi-UK offer for three hotels- London’s Grosvenor House Hotel, a majority stake in New York’s Plaza and Dream Downtown hotels. 

Roy was sentenced to jail for failing to pay regulators by India's Supreme Court  in 2014. He spent two years in a New Delhi jail on contempt charges.

 

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