Qatar Is Buying the Plaza Hotel in New York
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
New York’s iconic Plaza Hotel will now be owned by Qatar.
The wealthy Middle Eastern country agreed to buy the property, which was once owned by Donald Trump, on Tuesday for about $600 million. The purchase was made by Qatar’s state-owned Katara Holding, which will have full ownership of the hotel.
The most recent former owners included Indian company Sahara India Pariwar, who held a majority 75% stake in the luxury property. Trump purchased the Plaza in 1988, but shortly after, he went bankrupt and sold it to Saudi Prince Prince Alwaleed bin Talal, who remained a minority stake holder until the Qataris agreed to take over.
The Plaza has hosted high-profile guests such as John F. Kennedy, Jr., the Duke and Duchess of Windsor, the Beatles and Christian Dior. The property is also prominent in movies and books, like the children’s tome Eloise at The Plaza and the Alfred Hitchcock thriller “North by Northwest.”
This is not the first hotel purchase for the Qatari government — it also owns landmark hotels in London, including The Savoy and The Connaught — all part of the nation’s more than $300 billion investment fund, Qatar Investment Authority.
Another landmark New York hotel, the Waldorf-Astoria, was recently taken over by a foreign government as well. Hilton sold the hotel to Beijing-based holding company Anbang in 2014. After the company’s chairman was recently charged in China with “economic crimes,” the Chinese government became the de facto owner’s of the hotel.
Featured image by @alliecandice via Twenty20.
Welcome to The Points Guy!
WELCOME OFFER: 60,000 Points
TPG'S BONUS VALUATION*: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases.
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 2x total points on up to $1,000 in grocery store purchases per month from November 1, 2020 to April 30, 2021. Includes eligible pick-up and delivery services.