Katara Hospitality acquires Plaza Hotel for USD 600 million

Katara Hospitality acquires Plaza Hotel for USD 600 million

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Qatar-based Katara Hospitality acquired full ownership of the 1907 Manhattan-based Plaza Hotel, for about USD 600 million, reported the Wall Street Journal.

According to Bloomberg, Katara acquired 100 percent of the property from its majority owner, Sahara India Pariwar, as well as minority owners Ashkenazy Acquisition Corp., Kingdom Holding Co. and Sant Singh Chatwal.

In May, Sahara agreed to sell the Plaza to Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization. Later that month, Plaza minority investors Ashkenazy Acquisition and Saudi Prince Alwaleed bin Talal’s Kingdom Holding, which have also been trying to buy the Plaza, sued Sahara US Corp. for allegedly reneging on an agreement that gives the group the right to match another offer.

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