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September 21, 2012

Vikram Chatwal to take charge of New York's 105-year-old landmark hotel Plaza

     New York: The historic Plaza Hotel on Fifth Avenue is close to getting new fashionable partners as Indian hotelier Vikram Chatwal along with designer Tommy Hilfiger and restaurateur Sean Largotta are nearing a deal to take over it. According to reports, Chatwal is buying a 30 percent stake in the 105-year-old landmark, and is said to be looking at Hilfiger, who lives in The Plaza with his wife, Dee, and Largotta, to partner him on the new deal, the New York Post reported. India-based Sahara Group had earlier bought 70 percent stake in the hotel from its former owner, the Elad Group, for close to 600 million dollars. “The deal will close in the next couple of weeks,” Chatwal said. “There have been a lot of changes at The Plaza over the years and we want to restore the history and the cultural symbolism of this treasure of New York real estate,” he added. The Chatwals still manage the Dream Downtown hotel, and sources have said that talks are ongoing with Fairmont, which currently manages The Plaza, for the Chatwals to take over the management once the deal is signed.
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