Qatar government-owned fund Katara Holding has acquired 100% of Plaza Hotel, a New York hotel in which Sahara India owned majority stake, for about $600m.
Subrata Roy-led Sahara India Pariwar owned 75% stake in the property, reported the Wall Street Journal.
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Katara acquired 25% interest from Ashkenazy Acquisition, a New York real-estate investor, and its partner Saudi Prince al-Waleed bin Talal.
Katara Holding is a hospitality fund that acquires and manages hotels for the Government of Qatar.
The transaction completed earlier this week. The property has 282 guest rooms and retail space, the report said, citing people familiar with the matter.
Qatar is a leading producer and exporter of liquefied natural gas and owns hotels such as The Connaught and The Savoy. It has been on a spree of acquiring hotels and luxury properties in the west in an effort to diversify its income sources, most of which comes from gas and oil exports.
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By GlobalDataThis is considered as a large deal from Qatar in the West ever since it was imposed a blockade by its Gulf neighbours in 2017.
Plaza Hotel was lost by US President Donald Trump in a bankruptcy.
Hotelier Conrad Hilton owned this New York City hotel earlier.
Opened in 1907, Plaza Hotel is listed on the National Register of Historic Places.
India-based Sahara bought 75% stake in 2012 for around $575m. It has been looking to divest the property for years. In 2017, it appointed brokerage firm Jones Lang LaSalle to conduct an auction in which 50 private-equity firms, and other investors indicated their interest.
