Ashkenazy Acquisition Corp. & Kingdom Holdings Corp. Acquire Plaza Hotel In Manhattan For $600M
768 5th Ave, New York, NY 10019, USA, 768 5th Ave, New York, NY 10019, USA & 768 5th Ave, New York, NY 10019, USA
Building Size
53,772 SF
Asset Type
Other
Closing
Nov 28, 2020
About this deal
AI
The iconic Plaza Hotel located at 768 5th Avenue in Manhattan has been sold in a closed property transaction for a staggering price of $600,000,000. This luxurious hotel in New York City's prestigious market offers a unique and unparalleled experience to its guests.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $600,000,000
- Seller: Subrata Roy's Sahara Group
- Buyer: Ashkenazy Acquisition Corp. - Ben Ashkenazy & Kingdom Holdings Corp. - Prince Alwaleed Bin Talal
The Plaza Hotel's sale was facilitated by Subrata Roy's Sahara Group, who represented the seller. On the other side, the buyer consortium consisted of Ashkenazy Acquisition Corp., led by Ben Ashkenazy, and Kingdom Holdings Corp., represented by Prince Alwaleed Bin Talal. This high-profile acquisition has brought together renowned individuals and companies who recognize the value and potential of this remarkable property.
This transaction marks a significant milestone in the real estate market and highlights the confidence investors have in the hotel industry and the prime location of Manhattan. The Plaza Hotel continues to be a symbol of luxury and elegance, providing unparalleled experiences to its guests.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93