Al-Waleed bin Talal said to buy Park Plaza hotel in New York

Saudi Arabia’s business magnate Prince Al-Waleed bin Talal is expected to put up an offer to fully own the famous Park Plaza Hotel in New York City in the United States. 

Al-Waleed currently owns a 25 percent stake in the hotel. Indian businessman Subrata Roy owns the other 75 percent; and is looking to sell his part in order to pay $1 billion to bail himself out of jail after being imprisoned for fraud allegations in India.

Al-Waleed bin Talal said he would make an offer to purchase the hotel if given the opportunity, according to The Express newspaper.  

Sahara group, owned by Roy, bought the hotel in 2012 for $570 million. The group is also trying to sell its London-based Grosvenor House hotel that it bought in 2010 for $790 million.

Sahara is said to be trying to sell a third property, its Dream Hotel in Manhattan. 

Al-Waleed bin Talal, however, isn’t interested in buying Grosvenor House, according to the report.