Qatar Is Buying the Plaza Hotel in New York

Jul 3, 2018

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New York’s iconic Plaza Hotel will now be owned by Qatar.

The wealthy Middle Eastern country agreed to buy the property, which was once owned by Donald Trump, on Tuesday for about $600 million. The purchase was made by Qatar’s state-owned Katara Holding, which will have full ownership of the hotel.

The most recent former owners included Indian company Sahara India Pariwar, who held a majority 75% stake in the luxury property. Trump purchased the Plaza in 1988, but shortly after, he went bankrupt and sold it to Saudi Prince Prince Alwaleed bin Talal, who remained a minority stake holder until the Qataris agreed to take over.

The Plaza has hosted high-profile guests such as John F. Kennedy, Jr., the Duke and Duchess of Windsor, the Beatles and Christian Dior. The property is also prominent in movies and books, like the children’s tome Eloise at The Plaza and the Alfred Hitchcock thriller “North by Northwest.”

This is not the first hotel purchase for the Qatari government — it also owns landmark hotels in London, including The Savoy and The Connaught — all part of the nation’s more than $300 billion investment fund, Qatar Investment Authority.

Another landmark New York hotel, the Waldorf-Astoria, was recently taken over by a foreign government as well. Hilton sold the hotel to Beijing-based holding company Anbang in 2014. After the company’s chairman was recently charged in China with “economic crimes,” the Chinese government became the de facto owner’s of the hotel.

H/T: Reuters

Featured image by @alliecandice via Twenty20.

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