Qatar-Owned Fund Acquires New York’s Historic Plaza Hotel for $600M
NEW YORK — A hospitality fund controlled by the state of Qatar has acquired New York’s historic Plaza Hotel for $600 million, according to Reuters.
Katara Hospitality bought the majority stake held by Indian business group Sahara India Pariwar, along with a 25 percent stake held by New York-based real estate investor Ashkenazy Acquisition Corp. and its partner, Saudi Prince al-Waleed bin Talal, the Wall Street Journal reports.
Sahara originally acquired the Plaza Hotel in 2012. Previous owners of the historic property include President Donald Trump, who acquired the asset in 1988 for $390 million, and hotelier Conrad Hilton.
The Plaza Hotel is situated on the corner of 5th Avenue and Central Park South. Constructed in 1907, the hotel has hosted famous guests including The Beatles, Marilyn Monroe and Frank Lloyd Wright. The hotel has also been the site of films such as Home Alone 2, The Great Gatsby, Eloise at the Plaza and Alfred Hitchcock’s North by Northwest.
The 282-room hotel features multiple on-site dining options including a champagne bar and The Plaza Food Hall, on-site retail, spas and salons. The property underwent a $450 million restoration in 2008.
Katara Hospitality is a global hotel owner, developer and operator. The fund currently owns properties spread across four continents in Qatar, Egypt, Morocco, United Kingdom, France, Italy, Spain, Switzerland, The Netherlands, Singapore, Thailand and the United States.
Qatar, the world’s largest exporter of liquefied natural gas, already owns hotels such as The Savoy and The Connaught in London. The government also invests in German automaker Volkswagen.
— Camren Skelton