A UAE businessman has bought the Plaza hotel in New York for US $600 million. New York's Plaza Hotel was previously owned by Indian company Sahara. He is now set to bring the iconic brand to the Middle East and Asia.
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.
Shahal Khan said they aim to expand to the UAE by 2020.
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"The Plaza is very unique but has never been made into a global brand," he told AFP.
He also told The National, “We are ready to close and I look forward to opening a plaza in Abu Dhabi soon thereafter. By 2020 I’ll open one in UAE. Also one in China.”
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.