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updated: 12/4/2012 6:29 AM

Saudi group sells majority stake in NY's Plaza

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Associated Press

RIYADH, Saudi Arabia -- The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says it has sold a majority stake in The Plaza Hotel in New York to a major Indian real estate conglomerate in a $575 million deal.

Kingdom Holding Co. says it will retain 25 percent equity ownership in the landmark hotel, now controlled by a group led by Sahara India Pariwar. A statement Tuesday said Kingdom Holding made $32.9 million profit on the deal.

The 115-year-old Plaza has 282 hotel rooms as well as condominium units and retail space.

Kingdom Holding is a major shareholder in Citigroup and holds stakes in other companies, including News Corp., Apple Inc. and Twitter.

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