A group of foreign investors under the name Chimera is looking to raise more than $375 million in an initial coin offering to help finance the purchase of the Plaza Hotel in New York City, CNBC reported, citing a white paper on the project and a source with knowledge of the matter.
The news outlet noted that Chimera's principal investor, Shahal Khan, and India's Sahara Group, majority owner of the Plaza Hotel, are engaged in discussions on the matter.
Cryptocurrency investors reportedly would have the opportunity to diversify into the luxury real estate market and get certain concessions inside the property if the planned offering moves forward.
Sahara Group Chairman Subrata Roy has been looking to divest his foreign assets, including the Plaza, since a scandal broke in India that led to his imprisonment in 2014 for failing to pay billions of dollars back to bond investors.
The Chimera group is being advised by the initial coin offering platform Securitize on the potential Plaza Token offering, according to the report.