The Plaza Hotel in New York City has been sold for $600million to a Dubai-based investor who plans to open a second hotel under the brand in the Middle East.
The historic hotel on Fifth Avenue in NYC has appeared in numerous movies and TV shows and is frequented by the rich and famous including several US presidents, costing nearly $1,000 per night.
Built in 1907, the iconic building has had several different owners, including President Donald Trump, who had to sell it while filing for bankruptcy in the 1990s.
The Plaza Hotel in New York City has been sold for $600million to a Dubai-based investor
The historic hotel on Fifth Avenue in NYC has appeared in numerous movies and TV shows
It usually costs around $1,000 for a night’s stay at the iconic 19-story, 282-key hotel
On Sunday investor Shahal Khan announced his company White City Ventures had teamed up with American real estate tycoon Kamran Hakim to purchase the hotel for a cool $600million.
The two are now planning to expand the brand far outside of Midtown Manhattan by setting up a sister hotel in the United Arab Emirates by 2020.
‘The Plaza is very unique but has never been made into a global brand,’ he told AFP.
The Plaza’s current owner is Subrata Roy of the Sahara Group.
Previous owners have included the New York Life Insurance Company, hotel magnate Conrad Hilton and Trump, who sold the trophy property while going through a business bankruptcy in the early 90s. The Elad Group bought it in 2004 for $675million.
In 2007 the 19-story, 282-key hotel overlooking Central Park underwent an extensive renovation costing $450million, 75 percent of what it was sold at this week.
On Sunday investor Shahal Khan, left, announced his company White City Ventures had teamed up with American real estate tycoon Kamran Hakim, right, to purchase the hotel
The Plaza, located on Fifth Avenue in Manhattan, underwent a $450million renovation in 2007
The hotel is known to have hosted many important figures including several US presidents
Khan said the Plaza deal has been signed, and the deed will formally change hands on June 25.
‘I’m looking for a place – maybe China, maybe even one in Europe – but I thought it might be good to make the only other one in Abu Dhabi or Dubai,’ he said.
‘I have a lot of business in Pakistan so for me Dubai is a central hub, even more than London.’
Khan said he has plans to travel to the Emirates this week to explore the possibilities.
‘I plan very much to open a Plaza in the UAE by 2020,’ he said.
The new owner has said he plans to open a sister hotel somewhere in the Middle East by 2020
Khan told AFP: ‘The Plaza is very unique but has never been made into a global brand’
The hotel’s current owner is Subrata Roy of the Sahara Group, pictured above in India in 2017
The United Arab Emirates is no stranger to debut flagships of the world’s biggest names, notably the Louvre Abu Dhabi.
Dubai has also sought to build its global brand, positioning itself as a major shipping and transit hub.
Situated on transcontinental air routes, Dubai airport was the world’s busiest for international passengers in 2017 for the fourth year running, with 88.2 million travelers.
The city-state, one of seven sheikhdoms that make up the energy-rich United Arab Emirates, aims to attract 20 million visitors annually by the time it hosts the global trade fair Expo 2020.
Built in 1907, most of the rooms are decorated in a contemporary style with gold trimmings
Khan said the Plaza deal has been signed, and the deed will formally change hands on June 25