Dubai-based businessman buys NYC's Plaza Hotel for $600 million

The transaction is expected to be completed in June

Operators, Businessman, Dubai, Hotel deals, New hotels, New hotels mumbai, Plaza hotel, Plaza hotel new york, Sold

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.

Did you like this story?
Click here for more

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.

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular



Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine