A UAE businessman has bought the Plaza hotel in New York for US $600 million, according to media reports. New York's Plaza Hotel was previously owned by Indian company Sahara. 

Shahal Khan, founder of Dubai-based investment firm White City Ventures, and New York real-estate investor Kamran Hakim have agreed to a deal to buy the hotel. The transaction is expected to be completed in June.

The New York Times reports Sandeep Wadhwa of the Sahara Group, which owns a 70% stake in the hotel, confirmed the deal.

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According to Bloomberg, Mumbai-born British billionaires David and Simon Reuben are providing a loan of roughly $415 million, or almost 70% of the transaction’s value, according to a source, who asked not to be identified. 

In August 2016, Sahara dismissed a US $1.3 billion (AED 4.8 billion) Saudi-UK offer for three hotels- London’s Grosvenor House Hotel, a majority stake in New York’s Plaza and Dream Downtown hotels. 

Previous owners of the 110-year old property include hotelier Conrad Hilton and Donald Trump.

Westin Hotels sold the Plaza Hotel to US President Donald Trump in 1988 for $390 million, who was forced by his lenders at the brink of bankruptcy to sell to Prince al-Waleed in 1995 for $325 million. Fairmont Hotels has been the operator of the property since.