Qatar’s sovereign wealth fund has bought the Park Lane Hotel in New York for $623 million, Bloomberg reported on Tuesday citing city property records.
The Qatar Investment Authority acquired the 46-story hotel at 36 Central Park South from Steve Witkoff’s company, the 46-story property, the report said. The deal was first reported by real estate intelligence firm PincusCo.
The hotel was once part of an investigation by the US Justice Department into financier Low Taek Jho, who was accused of stealing billions from the Malaysian investment fund 1MDB, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)