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.
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.
Indians are ruling in this your Dubai!
ReplyDelete600 million dollars and I don't even have 60 dollars?
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