Qatar Investment Authority Acquires Park Lane Hotel in $623M Deal

Qatar Investment Authority, the sovereign wealth fund of Qatar, has purchased the Park Lane Hotel in New York City for nearly $623 million from Steve Witkoff's company. The fund's acquisition is part of its ongoing expansion into the New York real estate market. The future plans for the property are currently unknown. Witkoff had originally intended to convert the hotel into high-end condos but put the project on hold due to market saturation. The sale comes after a series of legal issues and failed attempts to sell the property at a higher price.