Qatar will pay $600 million and here is the reason

Qatar will pay $600 million and here is the reason 

A fund controlled by the Gulf state of Qatar has emerged as a surprise buyer of New York’s famed Plaza Hotel, according to people familiar with the matter.

Katara Hospitality, which buys and manages hotels around the world for the Qatar government, has acquired full ownership of the 1907 property for about $600 million, these people said.

The hotel in the southeast corner of Manhattan’s Central Park is one of the world’s most famous lodgings. It has been featured in novels such as “The Great Gatsby” and films including Alfred Hitchcock’s “North by Northwest.” Previous owners include hotelier Conrad Hilton and President Donald Trump, who once compared it to the Mona Lisa.

Katara bought the 75% stake held by India’s Sahara Group and a 25% stake from New York real-estate investor Ashkenazy Acquisition Corp. and its partner Saudi Prince al-Waleed bin Talal. The deal, which closed on Monday, includes 282 guest rooms and the property’s retail space, say the people familiar with the transaction.

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