Kingdom Holding closes New York hotel deal

04/12/2012 Argaam

Kingdom Holding Company (KHC) announces the completion of a $575 million transaction with Sahara India Company. Sahara agreed to buy a 75% of the property from the other partners of The Plaza Hotel in New York (associate company), and KHC retained a 25% equity ownership in all the property, which includes the hotel, the condos, the retail space, the banquet facilities and the restaurant. 
The transaction closed on Monday December 3, 2012 and the estimated gain from this transaction is USD$32.9 million

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