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. 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.

H/T: Reuters

Featured image by @alliecandice via Twenty20.

The best beginner points and miles card out there.
Chase Sapphire Preferred® Card

With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.

Apply Now
More Things to Know
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR on Purchases
Regular APR
18.24% - 25.24% Variable
Annual Fee
$0 Intro for the First Year, then $95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent Credit

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.