The Qatar Investment Authority (QIA) has acquired the Park Lane Hotel in Midtown for an estimated $623 million, according to Crain’s New York Business. The QIA, a sovereign wealth fund of Qatar, is said to have taken over ownership from the Witkoff Group and Abu Dhabi-based Mubadala Investment Co., though this transfer of deed has yet to be officially recorded.
This purchase marks a new chapter for the luxury hotel located at 36 Central Park South as its history was previously tainted by its involvement in the 1MDB scandal – an international fraud case amounting up to $4 billion. Originally purchased by Witkoff with financier Jho Low, QIA’s acquisition signals a change in ownership from both parties.
Connect CRE first reported on this news regarding Qatar Investment Authority buying Park Lane Hotel for $623M which signifies their commitment towards investing into high-end properties across major cities worldwide.
