Sahara Group Buys the Plaza and Dream Downtown Hotels for $800 Million

Eloise must be psyched.
Eloise must be psyched. Photo: Hannah Whitaker / New York Magazine

It’s official: As speculated, the Sahara Group has acquired the Dream Downtown and most of the 105-year-old Plaza Hotel, dropping a reported $800 million for both. Sahara now has a 75 percent stake in the Central Park South Hotel, home to the iconic Oak Room restaurant and Oak Bar, which closed last year after an unsuccessful reboot. No announcements have been made about those restaurants or potential operators. The India-based business conglomerate is rumored to be “looking at picking up some other landmark properties in New York to build up a portfolio of luxury hotels.” In the meantime, Sahara has several pending liquor license applications filed with the State Liquor Authority for operations at the Plaza’s restaurants and bars. [Economic Times, Earlier]