Qatar buys New York’s iconic Plaza Hotel in a $600 million deal

The uber-rich Gulf state of Qatar recently bought a landmark that once belonged to the likes of President Donald Trump and hotelier Conrad Hilton. Yes, we’re talking about the iconic Plaza Hotel that sits beautifully in the southeast corner of Manhattan’s Central Park and was recently purchased by the Arab giant.

The hotel was acquired in a sensational 600 million deal by Katara Hospitality, which by and large assumes responsible for managing hotel sales for the Qatar Government. The deal included a purchase of 75% stake held by India’s Sahara Group and a 25% stake from New York real-estate investor Ashkenazy Acquisition Corp. and its partner Saudi Prince al-Waleed bin Talal. The transaction was closed on July 2 and is now recorded as one of the most eminent sales ever made by Qatar.

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Qatar has been buying top hotels and luxury properties in the West over the past decade and already owns landmarks such as The Savoy and The Connaught in London. The sale of the 1907 property, too is part of the state’s move to divert funds from its Oil and gas exports to other industries. The Plaza, New York with is rich history and literary inspirations, adds a new feather in Qatar’s cap and it isn’t long before the Arabs make their presence felt in the hotel industry across the globe!

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A lawyer with a zeal for writing, Ekta has a deep love for linguistics, travel, and philosophy. Not an adrenalin junkie but likes going on occasional hikes to beat the weekday blues. Her bucket list includes escapades to Vietnam, Cambodia, and Morocco.