A Dubai investor has bought New York’s famed Plaza hotel for $600M


New York’s Plaza Hotel is one of the city’s most well-known and iconic landmarks. Not only has the hotel been featured in countless films, it was also once owned by US President Donald Trump. According to reports, the hotel is set to sell on June 25 to Shahal Khan and Kamran Hakim. Khan is the founder of Dubai-based White City Ventures, while Hakim founded the NYC based real estate company the Hakim Organization.

The duo have agreed to buy the hotel for $600 million with $415 million of the funds coming from a loan offered by British billionaires David and Simon Reuben. While representatives of the Reubens declined to comment, Khan offered this, “We worked for three and a half years to get to this stage and can’t wait until it’s closed.” He would not reveal any more about the sale.

READ:  The Oberoi Vanyavilas Ranthambore voted world’s best hotel

Presently, the hotel is owned by players including Sahara India Pariwar, Saudi Prince Alwaleed bin-Talal’s Kingdom Holdings and Ashkenazy Acquisition Corp. The Sahara Group has been looking to sell their shares ever since the company president, Subrata Roy, was jailed after not refunding deposits to investors.

It will be interesting to see what the fate of one of the world’s most famous hotels will be in the coming months.

READ:  Maurice de Vlaminck’s 1905 springtime painting breaks record bid at $22.5 million

[Via:Bloomberg]