has been acquired by Indian billionaire Subrata Roy.

His Sahara group, known for its sponsorship of Indian cricket and motor sports, paid $575 million for a 75% stake in the 230-room property, located on the corner of Central Park in Manhattan.

The remaining 25% of the hotel is being retained by its current owner, Prince Alwaleed bin Talal of Saudi Arabia, via his Kingdom Holding group, the BBC reported.

The Plaza is famed for attracting a string of celebrity guests ranging from the Beatles to Mark Twain and Groucho Marx.

Roy has also reportedly bought a second luxury hotel in New York, the Dream, for $22million. The Dream is located in the theatre district of midtown Manhattan, one street away