International law firm Milbank, Tweed, Hadley & McCloy LLP, led by Global Corporate partners Stuart Harray, Peter Benudiz and Mark Mandel, together with European Of Counsel Patrick Holmes, acted as counsel to Sahara India Pariwar, in its acquisition of a 70% majority stake in the landmark Plaza Hotel in New York from real estate group El Ad US Holdings.
The Plaza was previously owned by a joint venture between El Ad (75%) and Kingdom Holding Co. of Saudi Arabia (25%). Kingdom, whose chairman is HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, retained its 25% stake in the property and became a party to the new Sahara-led joint venture. Sahara has also brought in Indian hotelier Sant Singh Chatwal, whose group acquired the remaining 5% stake in the venture.
The transaction was valued at $575 million and comprises the hotel unit, as well as the retail units and 100 of the 152 condominium hotel units of The Plaza, which represents all of the previously unsold condominium hotel units.
Designated a New York City Landmark in 1969, The Plaza is listed on the Register of Historic Places and the only New York City hotel to be designated as a National Historic Landmark. It is one the most recognized hotels throughout history. The Plaza’s notable guests have included Eleanor Roosevelt and The Beatles during their first visit to the United States.
Other Milbank attorneys involved in this transaction include partners Russell Jacobs and Russell Kestenbaum and associates Simran Bindra, Merih Altay, Matthew Thiel, Matthew Mortimer, Peter Heller, Broderick Henry, Tanja Olano and Tiffani Simmons.
