Qatar fund buys $600m Manhattan hotel

The Qatar Investment Authority (QIA) has acquired the New York Plaza hotel for a reported $600 million.

The sovereign wealth fund purchased the property through its hotel division, Katara Holding, from minority owners Ashkenazy Acquisition Corporation and Saudi prince Alwaleed bin Talal. The other shareholders are hotelier Sant Singh Chatwal and India-based Sahara which has been looking to offload its 70% stake for a number of years.

Sahara’s chairman Subrata Roy has faced a number of legal problems in recent years while Prince Alwaleed has been caught up in a corruption crackdown in Saudi Arabia led by Saudi crown prince Mohammed bin Salman.

Qatari companies have acquired a number of landmark hotels in recent years including the Savoy and the Connaught, both in London.

The acquisition of the Plaza, which was once owned by Donald Trump before he had to sell it as part of a bankruptcy proceeding, is the largest ever investment in a western hotel by a Qatari company.

©2018 funds global mena

Related Articles