New York & Tri-State + Midtown New York + Hospitality | August 28, 2023

Qatar Investment Authority Buys Park Lane Hotel for $623M

The Qatar Investment Authority (QIA) has acquired Park Lane Hotel in Midtown for approximately $623 million, as reported by 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. The deal, although not yet officially recorded as a deed transfer, seems to signal a change in ownership from both Witkoff and Mubadala.

The hotel’s history is marred by its involvement in the 1MDB scandal, a massive $4 billion international fraud case. Originally purchased by Witkoff in partnership with financier Jho Low, the QIA’s acquisition signifies a new chapter for the luxury hotel located at 36 Central Park South.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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