Savoy owner Prince Alwaleed set to buy New York hotel The Plaza


Indian conglomerate Sahara and its chairman and founder Subrata Roy currently own 75 per cent of The Plaza.

In February, Roy was jailed for contempt of court after failing to appear at an investor fraud case hearing and is trying to raise money to pay his £1 billion bail by selling off hotel assets.

Saudi Arabian billionaire Prince Alwaleed owns the remaining 25 per cent of The Plaza and he said that he is ready to do a deal with Sahara.

“If the opportunity comes up whereby we can increase our stake we will,” Alwaleed said.

“We will look at the deal when it comes, when Sahara decides eventually to push the button and act on this matter.”

Sahara also owns the Grosvenor House hotel on London’s Park Lane but Alwaleed ruled out buying it from Roy.

“Sahara has other hotels that are in the group but we don’t care about those. Zero interest.” he said.

The Saudi prince is worth an estimated £17.8 billion and built up his fortune by investing in global brands when their share prices were low.

As the economy has recovered, he has reaped rewards from a portfolio that ranges from stakes in US banking giant Citigroup to theme park operator Euro Disney