Qatar’s state-owned Katara Holding will pay more than half a billion USD to purchase the Plaza Hotel in New York City.
New York City’s iconic Plaza Hotel will become the latest addition of Katara Hospitality’s collection of luxury properties, Gulf Times reported.
State-owned Katara Holding will acquired full ownership of the hotel building, including the 75% stake owned by the Indian Sahara India Pariwar, a source told The Peninsula.
The remaining 25% will be bought from New York real-estate investor Ashkenazy Acquisition Corp and their Saudi partner Prince Al Waleed bin Talal.
The entire purchase is estimated to be worth a total of $600 million USD.
The State of Qatar has been buying up luxury hotels and properties in Europe and USA over the past decade through its sovereign wealth fund, which is estimated to be worth more than $300 billion USD.
— The Life Pile (@thelifepile) July 3, 2018
These purchases are part of efforts to diversify Qatar’s economy away from gas and oil, from which most of the State’s funds were accumulated.
The hotel on the Southeast corner of Manhattan’s Central Park is one New York City’s most famous buildings, and was once owned by US president Donald Trump.