The Plaza Is for Sale, but a Part-Owner Has Other Ideas
“We are not selling our stake and are comfortable with our rights relating to any sale by others,” said Sarmad Zok, chief executive of the prince’s company, Kingdom Hotel Investments . “We are proud to have partnered with Ashkenazy to reinstate the glory of this unique asset.” The partners have a plan for an extensive modernization program to better compete with other five-star hotels in Manhattan and to reopen areas of the hotel that have been bogged down in renovations. The Plaza’s famous Oak Room and the wood- paneled Oak Room Bar have been closed for the past six years. Whether Mr. Roy and Sahara truly intend to sell or are merely trying to bolster the price, they appear to be pressing forward. “We’ ll solicit bids ,” said Jeffrey Davis, an international director of JLL, who is overseeing the bidding for Sahara. “It’s the most iconic real estate asset in the world. It’ ll garner international attention .” Mr. Davis declined to comment on whether Kingdom Hotel Investments has ...