Israeli businessman Yitzhak Tshuva, who controls the Elad Group, has sold his 60 per cent stake in the Plaza Hotel, a report in the Israeli daily newspaper Haaretz said.
The Elad Group, which is Tshuva's private real estate arm in North America, signed the deal on Monday to sell its share in the hotel and commercial center to Subroto Roy-led Sahara Group for $570 million, it added.
Tshuva had bought the 105-year-old Plaza in 2004 from a group of investors headed by Saudi prince Alwaleed bin Talal for $675 million, the newspaper said.
He invested a total of a billion dollars in the renovation of the Plaza, which has 182 luxury apartments, a hotel, condominiums and commercial space.
Elad would see a free cash flow of $220 million from the deal, which will help it pay off the more than $500 million it owes to bondholders in Israel as
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