Tshuva sells New York's Plaza Hotel at NIS 2.3b value

July 31, 2012 13:03
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Eight years after buying the Plaza Hotel in New York, Israeli-owned company, Elad said that it would receive NIS 1.6 billion ($400 million) for its 60% stake in the hotel, and that its free cash flow from the sale was NIS 1 billion. Elad is controlled by Yitzhak Tshuva. Tshuva's partner, Kingdom Holdings Co., which is controlled by Saudi Prince Alwaleed bin Talal, will receive the balance of the proceeds.

Tshuva bought the West Side luxury hotel, which overlooks Central Park, for $675 million eight years ago. After three years of extensive renovations and upgrades, supervised by Tshuva's daughter, architect Gal Naor, at a cost of $300 million, the Plaza was reopened in 2008.

Following the renovations, the Plaza has 182 condominiums, 130 hotel rooms, 152 condo hotel rooms, and a shopping center. According to US media reports, Elad sold condominiums in the project for $1.5 billion, generating $500 million in profits.

Following the sale, Elad will own 50% of the Plaza brand, and Sahara Group and Kingdom will own 50%. Elad said that Kingdom subsidiary Fairmont Hotels & Resorts Inc. would continue to operate the hotel, and that Kingdom would own 25% of the project after the sale.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 21, 2018
Saudi foreign minister says kingdom united around its leadership