Katara all set to buy New York’s iconic Plaza Hotel for $600m, says reports
The illegal siege of Qatar, which has been going on for the past one year, does not seem to have stifled Qatar’s global ambitions in any way.
In a power move, the country has agreed to buy The Plaza Hotel — one of New York’s most iconic buildings — for around $600m, reported Gulf Times.
Once the deal is complete, the hotel, which was once owned by US President Donald Trump, will become the latest addition to Katara Hospitality’s luxury property portfolio.
It is understood that Qatar's state-owned Katara Holding will buy full ownership of the hotel, including a 75% stake from Indian business group Sahara India Pariwar, a source familiar with the deal, reported The Peninsula.
The source declined to be identified because the deal was not public.
Qatar has been buying top hotels and luxury properties in the West over the past decade as part of a drive by its $300bn-plus sovereign wealth fund to diversify the wealth it accumulates from gas and oil exports.
The hotel in the Southeast corner of Manhattan’s Central Park is one of the world’s most famous lodgings. It has been featured in novels such as The Great Gatsby and films including Alfred Hitchcock’s North by Northwest.
In addition to Sahara’s 75% stake, Katara has also bought the remaining 25% stake from New York real-estate investor Ashkenazy Acquisition Corp and its partner Saudi Prince Al Waleed bin Talal, reported Qatar Tribune.
Qatar already owns landmark hotels such as The Savoy and The Connaught in London.
