New York City’s iconic Plaza Hotel has sold for $600 million, according to news sources.
The Sahara Group, which owns 70 percent of the hotel, and Sant Singh Chatwal, who owns another 5 percent, will sell their stakes in the hotel to a Dubai-based venture capital firm and a New York City–based real estate firm, the New York Times reported.
The new buyers are Shahal Khan, founder of Dubai-based White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization.
The hotel was built in 1907 and has had several different owners since then, including President Donald Trump, who sold the property in the 1990s due to bankruptcy. The 20-story luxury hotel is located in the heart of New York City, overlooking Central Park, and offers 282 guestrooms, including 102 luxurious suites.
The transaction is expected to he completed in June.
