Excerpt from Luxurylaunches
According to reports, the hotel is set to sell on June 25 to Shahal Khan and Kamran Hakim. Khan is the founder of Dubai-based White City Ventures, while Hakim founded the NYC based real estate company the Hakim Organization.
The duo have agreed to buy the hotel for $600 million with $415 million of the funds coming from a loan offered by British billionaires David and Simon Reuben. While representatives of the Reubens declined to comment, Khan offered this, “We worked for three and a half years to get to this stage and can’t wait until it’s closed.” He would not reveal any more about the sale.