2 investors reach deal to buy NYC’s historic Plaza Hotel

NEW YORK — Two investors have reached a deal to buy a majority share of New York City’s historic Plaza Hotel for $600 million.

The New York Times reports that the buyers are Shahal Khan, founder of the Dubai-based White City Ventures, and Kamran Hakim of the Hakim Organization, a major New York City landlord.

The deal is scheduled to close on June 25.

The Times says Sandeep Wadhwa of the Sahara Group, which owns a 70 per cent stake in the hotel, confirmed the deal.

The Plaza opened in 1907 and is the only hotel listed on the National Register of Historic Places.

It is famous as the home of the fictional mischief-maker Eloise and has been the setting for movies including “Home Alone 2.”

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Information from: The New York Times, http://www.nytimes.com

The Associated Press