NEW YORK Saudi Arabia s Prince Alwaleed Bin Talal, who owns stakes in some of the world s best known luxury resorts, raised his interest in New York s Plaza Hotel to 50%. The Prince bought an additional 8% share from Citigroup for an undisclosed amount, his spokesman Amjed Shacker said. The Prince is Citigroup s largest single shareholder.
The Prince and his partner, CDL Hotels International Ltd. originally acquired control in the hotel, at the southeast corner of Central Park, from Citigroup in 1995 for $325 million. Citigroup took over the hotel from developer Donald Trump, who at the time was suffering under a heavy debt load. (1/30/01)
SOURCE:Bloomberg News