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Qatar To Buy New York's Plaza Hotel For $600m - Source

Published on Jul 6 2018 9:00 AM in Hotel tagged: Trending Posts / Plaza Hotel

Qatar To Buy New York's Plaza Hotel For $600m - Source

The tiny but ultra-rich Gulf state of Qatar has agreed to buy one of New York's most iconic buildings, the Plaza Hotel, for around $600 million, adding a development that was once owned by U.S. President Donald Trump to its luxury property portfolio.

Qatar's state-owned Katara Holding is buying full ownership of the hotel, including a 75% stake from Indian business group Sahara India Pariwar, a source familiar with the deal told Reuters.

Katara and Sahara were not immediately available to comment.

The source declined to be identified because the deal was not public.

Qatar has been buying top hotels and luxury properties in the west over the past decade as part of a drive by its $300 billion-plus sovereign wealth fund to diversify the wealth it accumulates from gas and oil exports.

Qatar, the world's largest exporter of liquefied natural gas, already owns landmark hotels such as The Savoy and The Connaught in London.

 

 

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition. 

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